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Casino operator Stadtcasino Baden announced that they've come to terms with Belgian firm Ardent Group, which will see them selling off their 46% stake in Casino Davos.
Ardent currently holds 44% of the business, and will be holding 90% when the deal finalizes. The Davos Destination Organisation currently holds the remaining 10%. It wasn't immediately known what consideration was paid for the stake. For Ardent, the deal is lucrative as it'll allow the company to expand on its online operation, as they run Casino777.ch through its Casino Davos license.
This deal is subject to regulatory approval by Eidgenössische Spielbankenkommission (ESBK), which is Switzerland's gaming regulator.
A statement from Stadtcasino Baden said in part: "With regard to further development of online activities in particular at casino777.ch, the partners recently had different ideas. This finally led to the agreement that it would be advantageous for the further development of Casino Davos if a partner took over the lead and Stadtcasino Baden sold its stake to Ardent Group.
"The sale of the shares in Casino Davos enables the Stadtcasino Baden Group to concentrate on the further development of its own software solution within Gamanza and to focus on further projects of its own."