Queenco Leisure International has announced an agreement between Club Hotel Loutraki and Casinos Austria for the purchase of Casinos Austria’s 51 percent stake in Casino Beograd.
Club Hotel Loutraki, with a 39 percent stake, was one of three original partners in the development of the casino in the Serbian capital, Belgrade. The Serbian national lottery is the third partner, with a 10 percent interest.
The move comes just as Casinos Austria International is announcing it will be expanding its product mix to include lottery, online gaming, sports betting and new media variants of gaming.
Club Hotel Loutraki will pay €42 million for the Casinos Austria stake. Queenco partially and indirectly owns Loutraki.
The first €8.4 million will be paid upon completion of share acquisition. The balance is due within six months of share acquisition. As security for payment of the balance, Casinos Austria will have rights to a 60 percent stake in Casino Beograd in the event of non-payment.
Completion of the closing is conditional upon receipt of approvals from Serbian regulators, among other things. All conditions to closing need to be met by June 30.
In a second deal, which is dependent upon completion of the Casino Beograd transaction, Casinos Austria International is giving Club Hotel Loutraki an option to pick up a stake in its wholly owned Grand Casino Brussels property. Loutraki may choose to acquire 50 percent of the casino for an amount equal to 50 percent of Casino Austria International’s investment in the Brussels venture, or 75 percent of the casino for 87.5 percent of the investment.
The option will expire on March 10.