It was recently announced that a Czech-based lottery operator named Sazka Group has become part of a conditional share sales agreement striving to increase the size of its stake in Casinos Austria AG. This entity is also known as the co-owner of Reef Casino Trust and part of the plans of the Czech company is to gain control over the casino operator and the services it provides. The European gaming and lottery entity is aiming to branch out and with the acquisition of more shares in the casino operator, it is expected to have a bigger impact on its operation.
A spokesman for the Reed Casino Trust stated that the Sazka Group has already given a start to the conditional share sales and once it is completed, the Czech company is going to acquire a relevant interest in as much as 67.1 percent of the units, which makes for a substantial part of the trust. Following the announcement for the future sale, it became known that the Attorney of Queensland, Yvette D’Ath, has given the nod that the lottery operator is considered a suitable candidate for the ownership, administration, or management of the Reef Hotel Casino. As for the sale, it is still expecting its approval by the authorities in the field.
The Reef Casino Trust has seen many improvements in the recent week, as there has been a surge in the volume moving average throughout the last seven sessions. It could be seen that the stock of the trust has reached $3.35 meaning that it is maintaining the rates from the most recent open. As many as 32,917 shares changed their owners in the session. The European lottery operator has carefully picked the moment for the shares purchase and this comes as no surprise to anyone as the company has been working on its development in the last twelve months.
Sazka Group Explores New Markets
It could be recalled, that this year has seen a considerable development in the plans of the operator. Back in November Sazka Group reported that it has been looking at an initial public offering in London which would help fund growth in Europe. The Chief Executive Robert Chvatal stated that the move is part of a well-structured plan for growth of the brand which has the objective to increase the growth of the company on a global scale. The Sazka Group itself amass bets worth 16 billion euros ($18.6 billion) over the span of a single year, as there are a total of 62,000 points of sale. Its range of influence reaches as far as Austria, Cyprus, and Italy, but the plans for development are aiming even further than this.
The company has a 72-percent stake in a fund which has a 33-percent stake in the Greek betting company OPAP. That acquisition was finalized back in 2013 during Greece’s first major privatization. In 2016 the operator purchased a stake in the Greek betting company OPAP. That acquisition was finalized back in 2013 during Greece’s first major privatization. In 2016 the operator purchased a stake in Lottoitalia which amounted to some 32.5 percent. This is a joint venture between the then Italian lottery monopoly Lottomatica. The next step for the operator is currently expecting its approval.