Partouche Group sells its Belgian casinosThe Partouche group sells the Dinant casino

Since last September, the Partouche group has been making increasing efforts to overcome its debt crisis. The group has decided to sell one of its properties once again, namely the Belgian casino in Dinant, as well as a real estate complex located in the United States.

The sale raised the group 12.5 million euros, a sum it said could significantly reduce its debts.

This sale is part of the divestment program carried out by the Partouche group, which has been experiencing serious financial problems for several months now.
This was a real blow for the group because on September 30th, it was placed under safeguard proceedings, which occurred, among other things, because its creditors refused to restructure its debts, which amounted to approximately €233.7 million. The sale amount is considerable, a sum of €12.5 million, with which Partouche intends to settle its debts.

Reducing debt by selling Belgian casinos

Last November, let us recall that Partouche already sold the Belgian casino in Knokke as well as real estate assets located in Spain and France.
The group was able to raise €26 million from this sale. Fabrice Paire, the group’s chairman and CEO, explained to AFP that the rescue plan does not necessarily mean a divestment plan, but that these divestments were « a side effect » of the rescue plan.
Let’s recall that Partouche’s turnover had fallen, with a drop of 3.2% over the last financial year, to €436.2 million. And the disposals began to follow one another. But Fabrice Paire did not fail to mention that in 2008, the group had already announced that it would sell off certain non-strategic assets, including hotel funds and properties. The Dinant casino was ultimately sold for €10.75 million. For the year 2013, this casino had generated gross gaming revenue of €6.2 million.
Partouche confirmed that its website Partouche.be is also involved in the transaction. As for the Reno real estate complex in the United States, it was sold for $2.2 million, a great deal according to Fabrice Paire, given that the premises had remained unused for 10 years.
The president also stated that in France, in Juan-les-Pins, Lyon, and Divonne-les-Bains, there are also the properties and assets of three hotels that he wishes to sell. It appears that the prospect of spreading the debt over 10 years is in the offing, to give the group a boost, as Mr. Paire had stated. Many investors and buyers are waiting to see how this Partouche affair will end.
The group is nonetheless satisfied and hopeful after receiving authorization from the Minister of the Interior to experiment with the Bingo game at Pasino in Aix-en-Provence. This will undoubtedly be a great opportunity for Partouche, starting on a new footing, especially in terms of the games offered in its casinos. Nothing is certain yet, but it remains a glimmer of hope for the group.