Groupe Partouche Sells Cannes Property
Deal News | Jun 27, 2025 | Globenewswire
Groupe Partouche, the renowned European leader in casinos and leisure events, announced the successful completion of the sale of one of its prime real estate assets located in Cannes, France. This property, previously known for housing the 3.14 Hotel, occupies over 5,000 m² of floor space and was notably used by a casino on its ground floor until December 2024, when operations were relocated to Palm Beach. The hotel group Chapitre Six has taken ownership of this valuable property. The financial outcome from this sale is set to bolster dividends distributed to minority shareholders, with expectations to match the total payout of the past two years, equating to 3.1 million euros. With its establishment in 1973 and public stock exchange listing in 1995, Groupe Partouche continues its commitment to innovation and expansion in the entertainment sector, managing 43 casinos across Europe and employing around 4,050 people.
Sectors
- Real Estate
- Hospitality
- Gaming and Casinos
Geography
- France – The property involved in the transaction is located in Cannes, France, and Groupe Partouche is a French company.
Industry
- Real Estate – The transaction involves the sale of a real estate asset, specifically a building in Cannes previously operated as a hotel and casino.
- Hospitality – Groupe Partouche, previously operating the building as a hotel, sold it to another hotel group, Chapitre Six, highlighting the transaction in the hospitality sector.
- Gaming and Casinos – Groupe Partouche's core business involves managing casinos, including the one previously located in the sold Cannes property.
Financials
- 3.1 million euros – Expected annual amount to be distributed as dividends to minority shareholders following the sale.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Groupe Partouche | Seller | Company | A leading European company operating casinos, hotels, and entertainment venues. |
| Chapitre Six | Buyer | Company | A hotel group that acquired the Cannes property previously owned by Groupe Partouche. |