Groupe Partouche confirms sale of Cannes property
The sale is set to be officially finalised in the coming months.
Key points:
– Groupe Partouche has announced the sale of its property asset in Cannes
– This news follows the relocation of the group’s casino out of the building in December
– The deal is set to be finalised in spring of 2025
Groupe Partouche has signed a binding agreement for the sale of one of its property assets in Cannes on rue François Einesy.
This latest announcement comes following the relocation of one of the group’s 41 casinos, previously residing on the building’s ground floor, to the Palm Beach in early December 2024. In total, the building’s floor area amounts to 5,000 m2 and previously housed the 3.14 Hotel until 2016. With the building’s sale set to be finalised during this year’s spring, a sale price for the property has not yet been revealed.
This deal falls behind an additional development in the neighbouring Swiss market in 2020, which saw Red Tiger expand its presence in the nation via Groupe Partouche’s Casino du Lac Meyrin SA in Geneva.
More recently, however, the group unveiled its FY2023/24 financial statistics – highlighting a turnover of €434.3m ($469.9m) for the 12-month period ending October 2024, paired with an annual gross gaming revenue of €712.3m, up 1.5% year-on-year.
Good to know: Currently, France is in the process of legalising online casino gaming
Indeed, these recent regulatory efforts come following encouragement from the European Gaming and Betting Agency (EGBA) in 2023 for France to legalise online casino, with aims to improve player safety in the nation.
As such, the government announced its intention to regulate online casino in October 2024, with a tax rate of 55.6% on online turnover. The law was expected to pass during 2025 but has recently seemingly stalled.
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