Thor Power Link

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The development marks a significant move by Merkur to expand its footprint within the French regulated gambling market.

On 27 August, Merkur signed a put option agreement with GPG Groupe Philippe Ginestet and DOFA, enabling the purchase of Casigrangi.

Casigrangi is the parent company of the Le Stelsia casino group, which operates seven small to mid-sized casinos across France along with related hospitality, restaurant and entertainment businesses. 

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He views the Peruvian market as “quite polarised” with a few operators, including Betsson, dominating the market and the rest playing catch-up. “I think competition has already evolved,” he says. “We have seen fierce competition.

“We have been there for a long time and we have our positioning quite cemented. [But] we need to look at ourselves and keep improving, keep embracing the Peruvian culture and the way we fit in the market by applying a localised approach.”

As seen in many markets, especially in LatAm, local Peruvian brands and their cultural knowledge are facing competition from international operators that often bring bigger scale in terms of technology and capital.

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Meanwhile, cost-saving efforts have seen retail shops and operational roles cut this year. And the group has chosen to exit its CEE business and sell off a significant share.

In August newly appointed CFO Michael Snape said the move was expected to de-lever, unlock and return capital to shareholders.

Future proceeds from Entain’s full exit of Entain CEE will be used to reduce group reported leverage below 3x, with excess capital returned to shareholders, the company said.