The planned IPO of French casino group Lucien Barriere has been cancelled due to lack of interest by investors.

The Accor hotel group, whose 49-percent stake in Barriere was to be sold in the IPO, will retain its stake for now but is still looking to sell what it called “this non-strategic holding.” In the meantime, Accor will continue to pursue its expansion plans.

The shares were initially offered between €16.10 and €19.60. However, Reuters reported that “banking sources” had said that potential investors were being advised to stick to the €16.10. At that price, Barriere would have ended up being valued at €575 million instead of €700 million had the shares sold at the high end.

Barriere Chairman Dominique Desseigne said in a statement, “The activity of our group is sustained and our ambitions remain more than ever to continue to innovate to strengthen our various businesses.”

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.