Merkur acquires 7 casinos in France 

The German group Merkur is preparing to enter the French casino market by acquiring Casigrangi, the parent company of the Société Française de Casinos. The deal is set to enable it to take control of seven establishments located across several French regions. 

Merkur opts for a direct entry into the French market 

Rather than gradually building up a network in France, Merkur has chosen a much quicker route: acquiring an existing portfolio of casinos that already have their own operations, teams and local presence. 

The German group is set to acquire 95 per cent of Casigrangi’s share capital. Casigrangi itself controls approximately 81.21 per cent of the Société Française de Casinos, a company listed on the Paris stock exchange. The deal will therefore indirectly give Merkur control of the latter. 

In total, the deal covers seven small and medium-sized casinos: Megève in Haute-Savoie; Granville in the Manche; Mimizan in the Landes; Gruissan and Port-la-Nouvelle in the Aude; Collioure in the Pyrénées-Orientales; and Châtel-Guyon in the Puy-de-Dôme. 

The first three establishments are operated by Casigrangi. The other four are run by the Société Française de Casinos. The seven casinos together generate gross gaming revenue of close to 35 million euros. 

A price that highlights the strategic importance of the deal 

The total amount paid for Casigrangi and the Société Française de Casinos has not been disclosed. However, several factors make it possible to estimate the valuation assigned to the listed part of the group. 

The transaction implies a value of €6.19 per share in Société Française de Casinos. On this basis, the company is valued at approximately €31.5 million. 

The value of the deal extends beyond the immediate results of Société Française de Casinos. It also stems from access to the French market, existing licences and the duration of the operating contracts for certain establishments. French casinos operate within a framework that is closely linked to local authorities. Their operation is based on public service concessions, which means that market entry differs from that seen in other European countries. 

In Collioure, the concession runs until 5 May 2039. The one for Port-la-Nouvelle runs until 31 October 2042. Gruissan’s contract expires in February 2032 and Châtel-Guyon’s in October 2031. 

Why have the owners decided to sell? 

Casigrangi is currently owned by two shareholders. The Philippe Ginestet Group holds 60 per cent of the share capital, whilst Dominique Gortari holds 40 per cent. 

The agreement signed with Merkur provides for the acquisition of 95 per cent of Casigrangi. According to published reports, Dominique Gortari is to retain a residual stake of 5 per cent, subject to mechanisms allowing for a subsequent sale. 

Dominique Gortari: 

“Merkur, which wanted to establish a presence in France, approached us.” 

He also highlights the growing convergence between different forms of gaming. The German group is particularly well-suited to this transformation, as it operates in physical venues, gaming equipment and digital activities authorised in certain markets. 

Casigrangi had therefore, according to its CEO, reached a limit in its independent development. Merkur brings financial and industrial clout on a whole new scale. 

Merkur, a group worth over two billion euros 

In France, the name Merkur remains far less well known than those of the major national operators. On a European scale, however, the company is of considerable size. 

In particular, Merkur operates hundreds of gaming and bingo halls across Europe. It is also active in casinos, on cruise ships, in sports betting and in certain online gambling activities where these are legally permitted. 

Merkur does not merely operate the venues that players visit: it also designs some of the equipment used there. 

French casinos possess a rare asset: their licences 

A French casino cannot be regarded as a mere business whose operations could be relocated at will. Local authorities are directly involved in the operating framework, and delegation contracts can run for many years. 

This characteristic confers significant value on established companies. 

For a new entrant, securing a concession means competing against incumbent operators who have close ties with local authorities and a long-standing history at the site. Acquiring a group that already holds several contracts reduces this obstacle. 

This is why smaller casinos may hold greater strategic value than their financial results alone would suggest. 

Merkur is therefore not simply acquiring buildings, gaming machines or revenue. The group is acquiring a regulated presence in a market where opportunities for establishment are strictly controlled. 

The Home Office has yet to give the go-ahead 

Despite the signing of the letter of intent, the transaction has not yet been finalised. 

In particular, the acquisition is subject to approval by the Ministry of the Interior, as well as to the information and consultation procedures required for the employees concerned. 

Société Française de Casinos must also set up a special committee and appoint an independent expert in connection with the transaction relating to its share capital. 

If the conditions are met, the acquisition of Casigrangi is due to take place during the first quarter of 2027. Merkur will then have to launch a takeover bid for the shares in the Société Française de Casinos that it does not yet hold. This stage is scheduled for the first half of 2027. 

Seven casinos that could serve as a springboard 

With seven venues, Merkur will not immediately become one of France’s largest casino operators. However, the number of venues alone is not sufficient to gauge the scale of the transaction. 

Merkur is establishing its first structured foothold in France with a portfolio that is already operational and licences valid until as late as 2042. The group also has financial, industrial and technological resources far superior to those of a regional operator.