Several firms are interested in Casinos Poland. Potential buyers for its majority stake have not been invited to take part in negotiations yet. According to unofficial sources, however, the ministry of the treasury wants the privatization to be conducted as soon as possible.
It won’t be easy to acquire a majority stake at the gambling company, but Austrian Century Casinos will have the final say.
LOT flag carrier, which has 33.3 percent stake, will soon be privatized, too. The remaining stakes (of the same size) belong to PPL, the state-owned airport operator and Century Casinos of Austria.
Olympic Entertainment Group (OEG) listed in Tallinn and Warsaw is interested in CP. Cezary Gizka, OEG CEO, admits that he has submitted offers to five entities, including three ministries and two companies. However, the final say will belong to the Austrians. It’s hard to imagine that two rivals will cooperate. The latter do not give up increasing their stake.
“The company is in touch with LOT and PPL and confirms it is interested in increasing its stake at CP”, the company said in a statement.
Before the transaction, CP needs to pay back its debts. Their size remains secret. The first installment is due in August. PPL and LOT will need the approval of their employees to sell the stakes. Negotiations could be launched in fall.