Groupe Partouche Files Lawsuit Against Former Insurance Provider

Groupe Partouche has announced that it has filed a lawsuit against the former insurance provider, which is contesting its demand for operational losses coverage after its casinos were barred from hosting its customers.

With all French casinos closing in the first year, Partouche’s sales fell by 85.8 percent to €24.9 million from November 2020 to January 2021.

Closing of casinos

The casinos in Ostend, Belgium, and Meyrin, Switzerland, stayed closed as well. For a brief duration between December 14 and December 26, 2020, the casino in Crans-Montana, Switzerland, was able to accept visitors on shortened hours between 10 a.m. and 10 p.m. The Djerba casino in Tunisia stayed open, but it was subjected to a curfew that began at 8 p.m. Global casinos generated all revenue during the time, especially Swiss online gaming, which began on November 16, 2020, and Belgian online gaming and betting. Their net sales more than doubled to €24.3 million, a 132.3 percent rise.

Overall, the first quarter’s sales was €23.5 million, down 81.4 percent. Net Gaming Revenue (NGR) fell by 78.4 percent to €22.3 million after levies. Non-gaming operation provided €1.2 million in revenue, down 95 percent due to the opening of a few hotels located in the group’s casinos, as well as the Aquabella hotel in Aix-en-Provence.

Following the acceptance of a first State Guaranteed Loan (PGE) for € 19.5 million by the Group’s member banks in June 2020, the same banks have approved a second PGE for €59.5 million.