Canadian Pharmaceutical Company Lodges Interest in Greece’s Loutraki Casino
Canadian pharmaceutical company Easton Pharmaceuticals Inc. announced Monday that it has been shortlisted to acquire a stake or take part in the acquisition of Greece’s Club Hotel Casino Loutraki resort.
The announcement arrived after the pharmaceutical company revealed earlier this year that it has lodged interest in an undisclosed casino resort in Greece.
Loutraki is one of nine operational casino complexes in the southern European country. It features 255 hotel rooms and 20 suites, a spa and wellness, conference venues, and a casino with 1,000 slot machines and 87 gaming tables as well as a dedicated VIP area. The property is located in the seaside resort town of Loutraki. Located nearly 80 kilometers from the Greek capital Athens, the town is a popular tourist draw with its natural springs and therapeutic spas.
In a statement from Monday, Easton pointed out that company CEO Evan Karras is familiar with the Loutraki casino and its operations as well as with the Greek gaming industry. The businessman participated in the privatization of gambling businesses in the country back in the 1990s and is now looking to expand his businesses across the Greek gambling industry.
Easton also pointed out that the acquisition of a stake in the Greek casino complex will come at a considerable discount, due to Mr. Karras’ previous involvement in the local gambling industry. No purchase price was disclosed in yesterday’s statement.
Undisclosed Casino Resort Project
Easton also announced earlier this year that it has entered into a Letter of Intent to take part in the development of a hotel and casino resort in Europe. More details about the unnamed project are yet to be disclosed, and this is expected to happen once negotiation phase is closed.
The pharmaceutical company only revealed that it would partner with the American casino arm of a Canadian holding company that is managing the project.
The casino resort is expected to feature a casino facility with 1,000 slot machines and 50 gaming tables, a 538-room hotel that will also offer VIP suites, retail facilities, a spa and wellness center, a meeting and convention venue, and numerous food and beverage and entertainment options.
The property will target high-end customers and will be located at a premium side in “an idyllic river” area. Once completed, the property is anticipated to produce revenues of over €77 million per year.
Easton’s interest to participate in several casino projects is part of the pharmaceutical company’s strategy to expand its footprint into the global land-based casino gambling industry, the company has itself said in previous statements. It thus expects to create “value and growth” that would further help it establish itself across different markets.
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