Canadian Pharmaceutical Company Wants a Stake in a Greek Casino
One Canadian company announced last week it was interesting in buying a stake or completely take over the Club Hotel Casino Loutraki resort in Greece.
Probably the biggest surprise here is the fact the business in question was a pharmaceutical company Easton Pharmaceutical Inc., headquartered in Toronto, Ontario.
Expanding Its Footprint
However, the company made an announcement earlier this year, revealing plans that included a casino resort in Greece, whose name hadn’t been disclosed at the time.
Club Hotel Casino Loutraki resort is one of nine casino complexes currently operating in Greece, offering 255 hotel rooms and 20 suites, a spa and wellness centre, conference venues, and a casino. The latter has a total of 1,000 video slot machines and 87 gaming tables, with a VIP area as well. The facility is located in Loutraki, a town 50 miles from the country’s capital Athens, and is a very popular tourist destination.
In an announcement published last week, Easton Pharmaceutical Inc. stated the company’s Chief Executive Officer Evan Karras would handle the whole operation, as he was acquainted with the Loutraki facility and the gambling industry in Greece as well. During the 1990s, Karras took part in the privatisations of a number of local gambling venues, and with this experience, he now looks forward to further expand his business across the gambling sector in Greece.
According to Easton Pharmaceutical Inc, the purchase of a stake in this casino complex will cost significantly less due to Karras’ previous experience in doing business in the local gambling market. However, not a single detail regarding the price has been revealed yet.
New and Important Project
But the purchase of this Greece-based venue is not the only gambling-related project the company plans to undertake. Easton Pharmaceutical has already announced it wants to be involved in the development of a hotel and casino complex in Europe. There is no information on the project itself, while more details are expected to be revealed once the negotiations are concluded. It was later announced the company would partner with the American casino arm of a Canadian holding company.
Once completed, this casino resort should include a casino facility with more than 1,000 video slot machines, and 50 gaming tables, while the hotel will have a wide offer of 538 rooms, VIP suites, retail facilities, a spa and wellness centre, conference centre, restaurants, and other entertainment and hospitality options.
This soon to be built property will target upscale customers and will be situated at a premium location somewhere in Europe. According to available estimates, the facility should bring more than $88 million on a yearly basis, once it’s fully operational.
The company’s interest in taking part in new casino projects represents a very important part of its strategy to further increase its market footprint into the global casino industry, which has been pointed out on several occasions in the past. Easton Pharmaceutical’s governance said it expected to create “value and growth” that would help it position itself across numerous new markets.