Allwyn exits land-based casino operations in Australia
The operator has also sold its casino operations in Germany as it focuses on lottery and online gaming.
Australia.- Allwyn International has announced the sale of its German and Australian casino assets. It’s also entered an agreement to acquire the remaining 15.51 per cent minority interest in the Greece and Cyprus-facing online sports betting and igaming business Stoiximan.
The operator, formerly known as Sazka until it won the UK National Lottery tender under the Allwyn name, has said it had sold its casino operations in Germany at the start of this month. The portfolio consists of 10 land-based casinos in Lower Saxony. Gross proceeds were €67.7m, comprising a dividend of €15.2m upstreamed in June prior to disposal and sale proceeds of €52.5 m received this month. Total revenue of the German casino operations was reported to be €126.4m.
Meanwhile, the operator has accepted a bid for its casino operations in Australia, which operate under the Casinos Austria International subsidiary. These operations comprise the Reef Hotel Casino complex in Cairns, held through the single-purpose ASX-listed Reef Casino Trust (RCT), in which the Group owns a 42 per cent interest.
Gross proceeds are expected to be approximately €105m, with sale proceeds to the group expected to be €54m. The transaction is structured as an off-market cash takeover bid for RCT. Completion is anticipated in the first half of 2026, subject to at least 80 per cent of all RCT unitholders accepting the bid (the Group and its partner Accor with a combined unitholding of over 71 per cent have already accepted the offer), anti-trust and regulatory approvals and other customary closing conditions. In 2024, the Group’s share of net income of RCT was €2.4m.
In tandem, Allwyn announced that its Greek subsidiary OPAP, the operator of Allwyn’s Greece and Cyprus segment, will acquire the remaining 15.51 per cent minority interest in Stoiximan from its founder-shareholders. Cash consideration is €191.6m on a cash-free debt-free basis, plus an adjustment for net cash as of the closing date.
OPAP first acquired an interest in Stoiximan in 2018 and subsequently increased its interest to its current level of 84.49 per cent through two acquisitions. Allwyn said that Stoiximan has demonstrated a track record of strong top-line growth and profitability, achieving GGR growth of 27 per cent in 2024.
The transaction will increase OPAP’s ownership interest in Stoiximan to 100 per cent in line with Allwyn’s strategy of increasing its interest in existing operations that are not wholly-owned. The company noted that the move will increase its exposure to the high-growth online sports betting and igaming segments, which are complementary to the growth profile of the Group’s lottery operations.
Stoiximan CEO Nikos Fligos said: “This milestone marks a new chapter in Stoiximan’s journey. With the dedication and passion of our 300-strong team, who are the driving force behind our market leadership, we remain fully committed to delivering outstanding experiences to our customers, shaping the future of online gaming in Greece and Cyprus.”
The acquisition will be financed with cash resources and liquidity facilities at OPAP. Completion is anticipated in the third quarter of 2025, subject to approval from the Cypriot regulatory authorities. Allwyn intends to re-present consolidated balance sheets for comparative periods to reflect a related liability, which was €205.6m as of March 31, with a corresponding adjustment to equity and no effect to the income or cash flow statements.
Allwyn’s revenue reached €8.8bn in 2024, a rise of 12 per cent year-on-year. Adjusted EBITDA rose by 4 per cent to €1.54bn. For Q4, revenue was up by 10 per cent at €2.4bn and adjusted EBITDA by 12 per cent at €437m. In October last year, the company’s international division moved its head office from Prague in its native Czech Republic to Lucerne, Switzerland under the new legal name Allwyn International AG.
