Located on rue François Einesy in Cannes, the Groupe Partouche-owned building was home to the 3.14 Hotel until 2016. It also featured a casino that was transferred to the Palm Beach in early December 2024.
In total, the building covers an area in excess of 5,000 square meters. The casino that was previously based at the site was located on the ground floor. It now operates as the Royal Palm Casino at another location.
Groupe Partouche expects to finalize the sale before the end of spring 2025, it confirmed in a March 31 statement. The group has not disclosed the identity of the party purchasing the building.
Casino Renovations Hit Groupe Partouche in 2024
The sale comes on the back of a mixed FY24 for Groupe Partouche. Results for its financial year, which ran from November 2023 to October 2024, revealed slight rises in revenue and consolidated turnover.
Gross gaming revenue was 1.5% higher at €712.3 million ($770.5 million). Casinos drew the highest revenue at €391.5 million, up 2%. Hotel revenue was 11% higher at €31.2 million but other revenue fell 2.5% at €11.6 million.
Extensive renovation work at its three largest locations in France – Annemasse, Divonne and La Tour-de-Salvagny – hit performance. As such, revenue was down across electronic games, electronic table games and traditional games in France.
Outside France, however, annual revenue was 7.3% higher at €76.3 million. This was helped by a favorable exchange rate effect linked to the Meyrin casino in Switzerland.
Levies payments hit €373.7 million, meaning net gaming revenue climbed 1.7% to €338.7 million. Turnover excluding net gaming revenue was 4.5% higher at €98.5 million, while fidelity program costs topped €2.9 million.
This meant Partouche ended FY24 with €434.3 million in consolidated turnover, up 2.5% on the previous year.
