Allwyn International has announced the sale of its land-based casino assets in Germany and Australia. It has also acquired the remaining minority stake in Greece- and Cyprus-facing online operator, Stoiximan.
The casino sale is expected to generate approximately €105 million ($122 million) in gross proceeds for Allwyn. Currently, German and Australian casino operations are reported under the group’s Austria segment.
The Germany sale comprises 10 casinos in Lower Saxony, with gross proceeds amounting to €67.7 million. Completed on 1 July, the deal included a €16.2 million dividend and €52.5 million in sale proceeds.
On 11 July, Allwyn also accepted a bid for the Reef Hotel Casino in Australia, held through Reef Casino Trust (RCT). Allwyn, which has a 42% interest in the complex, said sale proceeds will be approximately €54.0 million, should the deal complete in H1 of 2024 as expected.
Allwyn secures remaining 15.5% Stoiximan interest
Meanwhile, on 18 July, Allwyn agreed to acquire the remaining 15.5% minority interest in Stoiximan. Brokered through its OPAP subsidiary, the deal is valued at €191.6 million on a cash-free, debt-free basis.
OPAP acquired an initial 36.8% stake in Stoiximan in September of 2018. It has gradually increased in holding over the past seven years. At present, it owns 84.5% of the business.
Should the minority stake acquisition proceed as expected, OPAP would take full ownership of Stoiximan in Q3. Completion remains subject to approval from regulatory authorities in Cyprus, with the deal to be financed by cash resources and liquidity facilities at OPAP.
“The transaction will increase OPAP’s ownership interest in Stoiximan to 100%,” Allwyn said. “It is in line with Allwyn’s strategy of increasing its interest in existing operations that are not wholly-owned.
“It will also increase Allwyn’s exposure to the high-growth online sports betting and iGaming segments, which are complementary to the resilient growth profile of the group’s lottery operations.”
Stoiximan CEO Nikos Fligos added: “This milestone marks a new chapter in Stoiximan’s journey. With the dedication and passion of our 300-strong team, who are the driving force behind our market leadership, we remain fully committed to delivering outstanding experiences to our customers, shaping the future of online gaming in Greece and Cyprus.”
Digital driving growth at Allwyn
Movement towards online-focused operations follows digital growth at Allwyn in Q1. For the first three months of 2025, group revenue climbed 6% to €2.24 billion, driven by growth in digital operations.
In total, digital revenue jumped 15% year-on-year and represented 39% of all gross gaming revenue during the quarter. That said, Allwyn still retains a strong retail presence, including in the UK where it now controls the National Lottery.
The full Stoiximan ownership will also support further growth in Greece and Cyprus. During Q1, revenue in this segment was 8% higher at €616.9 million, with increases across both online and retail.
Revenue in the Austria segment, where the outgoing land-based casinos are reported, was also up 6% at €423.6 million. However, Allwyn noted a weaker trajectory across video lottery terminals and casinos, with this being offset by double-digit growth in numerical lotteries and a strong showing in iGaming.
As for Q2, Allwyn issued a short update, saying it is trading broadly in line with expectations. It said there has been no “material impact” on demand from what it described as an “unpredictable macroeconomic outlook”, referencing international trade tariffs. Allwyn added it does not have any material direct exposure to potential increases in tariffs
“In general, demand for our products has remained resilient in prior periods of weaker economic growth, reflecting their low-price point and low-average spend per customer, as well as our large number of regular players,” Allwyn said.
Signing off on senior secured notes agreement
Also in recent weeks, Allwyn entered a new €2.15 billion senior facilities agreement with a syndicate of international banks. Allwyn will use this to refinance an existing syndicated bank, support ongoing growth plans and for general corporate purposes.
Following on from this, Allwyn has launched an offering of €500 million in aggregate principal amount of senior secured notes. Proceeds, together with cash on balance sheet, are set to be used to redeem in full a previous offering. The existing €500 million under 3.875% senior secured notes is due in 2027.
Allwyn will generate more than €150 million from the sale of certain casino assets.