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NEWS 29 August 2017

Austria Casinos to sell all non-domestic assets

By Harrison Sayers
Austria Casinos will be selling all of their international assets in order to refocus on their domestic market. The news was reported by Belgium-based L’Echo after a “confidential presentation” that outlined the company's intentions.

Austria Casinos looks to generate $357m in revenue by selling 27 land-based casinos in 11 countries as well as its subsidiary operations in Macedonia.

The decision follows the company’s recent success in their overseas operations as the division returned to profitable results after a long time without growth.

Austria Casinos International saw several renovations in Germany, Canada and Belgium help to improve the success of the company’s foreign division. Profits rose as a result by 34% year on year, turning around a €1.17m loss into a net profit of €1.28m. The renewed financial viability of these international operations will help to raise more money for the proposed refocusing on domestic markets.

The report was confirmed by Casino’s Austria spokesperson Martin Himmelbauer who described the timing of the sale as “perfect”.

The domestic market is far kinder to Austria Casinos, awarding them subsidies as well as regulators suggesting that they will place many online competitors on the nation's list of blacklisted sites in the near future. In Austria, the company has various lottery operations as well as a land-based and online sports betting business.

RELATED TAGS: Casino | Financial | Industry
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