Czech billionaire Daniel Kretinsky has landed EU antitrust approval as he aims to takeover French Casino, CASP.PA.
It’s a casino that has struggled in recent times and has had to endure a significantly debt-ridden period that Kretinsky will look to turn around as he embarks the firm on a restructuring process.
The move by Kretinsky has been cited as saving the struggling casino, which has warned it is likely to report losses in its latest set of results.
As a result of the deal, the current chairman of Sparta Prague, who was once touted to buy West Ham, will take up and control 53.7 per cent of the retailer casino as he seeks to return it to profitability.
The decision of the EU also likely brings to a close the longstanding tenure of 74-year-old Jean-Charles Naouri, who has enjoyed 30 years as leader.
Furthermore, the online market in France is at something of a crossroads, as many have underlined the importance of a competitive, regulated market in combating unlicensed operators.
A recent study detailed that play on illegal casinos equals around €748m and €1.5bn in GGR, with as many as three million French players engaging with black market sites.
The study, which was commissioned by the Autorité Nationale des Jeux (ANJ), detailed that the illegal market represents between five and 10 per cent of the overall legal gambling market in France.
CasinoBeats Breakdown: The news that Kretisnky is edging closer will be welcomed by the sector in France, with the Czech billionaire set to invest significant amounts into the venue as he looks to enable it to once again thrive after a challenging economic period.
