Cannes: Partouche adds a hotel to his casino
The Partouche group has just added a hotel to its casino in Cannes by buying up the Savoy, a four star hotel of 106 chambers near the Carlton. Partouche, who already owns in Cannes the Carlton Casino Club at the 7th floor of the Croisette palace, has negotiated this transaction in order to host the clients of the future Palm Beach casino. The buying up of the Savoy (turnover of around 5 million euros per year) is indeed part of the group’s Palm Beach strategy.As well, the group owns the famous Palm Beach which has lost the gambling authorisation in the 90’s. The transfer of games to Palm Beach has already been refused twice by the Home Department because of a judicial matter about a plot of the Croisette where the hotel is located. The Savoy buying up, for a transaction amount of a bit less than 20 million euros, shows that the group, backed up by Cannes’ mayor in this case, still hopes for a transfer of games and a rebirth of the Palm Beach.