Financial terms of the deal were not disclosed, but it was confirmed that all staff at Casino Davos would be retained as part of the agreement.
Stadtcasino Baden previously held 46% of the shares in Casino Davos, with Ardent holding 44% and the Davos Destination Organisation (DDO) the remaining 10%.
Ardent acquired its stake in May 2018, in anticipation of the operator rolling out an online gambling offering in the regulated Swiss market.
Casino Davos then became the fourth land-based casino operator to launch online gambling in Switzerland when it went live with its Casino777.ch brand in September 2019. Ardent’s Gaming1 online casino solutions provider subsidiary powered the launch.
“With regard to further development of online activities in particular at casino777.ch, the partners recently had different ideas,” Stadtcasino Baden said. “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.”
The sale is yet to be approved by Swiss regulator Eidgenössische Spielbankenkommission (ESBK).
Original article: https://igamingbusiness.com/stadtcasino-baden-offloads-casino-davos-stake-to-ardent-group/
