Maltese online casino and sportsbook operator Kindred Group has announced the signing of an agreement that is to see it spend around $32.27 million in order to purchase Belgian land-based casino operator Blankenberge Casino-Kursaal (Blancas) NV.
The Valletta-headquartered firm used an official press release to detail that the all-cash arrangement with current owner Rank Group is expected to close before the end of the year to give it ownership of the small nation’s Casino Blankenberge. The company revealed that this property is located in the Belgian seaside resort town of Blakenberge and currently features a restaurant as well as a 12,500 sq ft casino offering a selection of about 100 slots and twelve gaming tables.
Kindred Group stated that the debt-free acquisition will allow it to solidify its ‘long-term operations and commitments in Belgium’ by continuing to give the country’s gaming aficionados ‘an attractive broad offering’. The operator moreover declared that this venue has been owned by Rank Group since 1998 and recorded an operating profit of approximately $3.49 million for the twelve months to the end of June courtesy of aggregated net revenues in the region of $11.65 million.
Read a statement from Kindred Group…
“The acquisition demonstrates Kindred’s long-term commitment towards the Belgian market and will give us direct access to one of the nation’s nine casino licenses, which will allow us to continue to offer a broad offering to its Belgian customers.”
Kindred Group furthermore detailed that Blankenberge Casino-Kursaal (Blancas) NV recently renewed Casino Blankenberge’s gaming license for another 15 years to the end of 2035 with the property set to remain under the management of a team led by Dominique De Wilde.
For his part and John O’Reilly, Chief Executive Officer for London-listed Rank Group, told the news domain at StockMarketWire.com that the sale ‘secures the next chapter for a great venue in Belgium’ with its proceeds destined to help his firm reduce its overall debt.
“As a standalone casino, the business was non-core to our international growth plans and the sale proceeds will support the group’s liquidity and future growth initiatives.”