France-based casino resort operator Lucien Barriere is now expected to hold off on its anticipated IPO until at least the autumn of 2010.
On the last day of March, Reuters initially cited French news website Wansquare as saying that the 51 percent-family-owned casino group could go public as early as the end of June.
However, on April 2, Reuters reported that another French website, Les Echos, had since quoted Barriere Chairman Dominique Desseigne as saying that the group would list “in September-October or at the end of the year, depending on market conditions.”
Desseigne told Les Echos that business is “not good” at the present time and that this year “will be tough,” Reuters reported. Barriere sales were down 3 percent in the first four months of the current fiscal year, which started at the beginning of November 2009.
French hotel and payment services group Accor announced in February it is looking to sell its 49 percent stake in Barriere.
The Desseigne-Barriere family owns 51 percent of Groupe Lucien Barriere and 70 percent of SFCMC, which operates two luxury hotels and two casinos in Cannes.