Stadtcasino Baden AG acquires majority stake in Casinò Locarno
Stadtcasino Baden AG is acquiring an 81% stake in Casinò Locarno SA from ACE SWISS Holding AG. The transaction still has to be approved by the Swiss Federal Gaming Board (SFGB).
With the sale of the majority stake in Casinò Locarno SA, ACE Swiss Holding AG is pursuing its strategy of focusing on the Mendrisio location in Ticino, while Stadtcasino Baden Gruppe fulfills the request of Kursaal Locarno SA, the owner of the current casino site, to operate the Locarno casino from 2025. Stadtcasino Baden AG has already concluded a rental agreement with Kursaal Locarno SA for the period from 2025, and has undertaken to submit an application for the location at Largo Zorzi in the current round of new concessions.
ACE Swiss Holding AG renounces its own casino in Locarno
Under the agreement, Stadtcasino Baden AG will acquire a majority of 81 percent of the shares in Casinò Locarno AG. ACE Swiss Holding will retain a 19% stake in the company and will not submit its own concession application for the Locarno casino zone, as defined by the federal government. The federal government has tendered for a B concession for this zone.
Satisfaction on both sides
Stadtcasino Baden Board Chairman Jürg Altorfer is pleased that the talks have led to an agreement: “We are convinced that we have found the best solution for everyone involved and affected, in particular for the employees of Casinò Locarno. We can offer them attractive prospects and security for the future.” Michael Böni, CEO of Stadtcasino Baden AG, emphasizes that the agreement clears the way for developing and submitting a concession application for the location by the end of October. “We’ve been working on this for weeks now, and the final cornerstones of the application are now in place.”
The concessionary round will not be a walk in the park. “The requirements of the Federal Gaming Board are very demanding,” says Böni. “However, we are convinced that with 20 years of experience at Grand Casino Baden, we will be able to meet the highest standards.”
Support from the City of Locarno
The Mayor of Locarno, Alain Scherrer, had already pledged the City of Locarno’s support when signing the lease agreement for the Stadtcasino Baden Group and expressed a positive view of the partnership.
Expansion into Ticino matches strategy in Baden
Conditions in Locarno and Baden are similar: the two cities are practically the same size, and the casinos in Locarno and Baden are ideally located in the heart of the city for both motorized private and public transport. And both casinos fit into the established local structures as part of the cultural and tourist offerings. “In this way, we not only provide the local community itself, but the entire catchment area with added value far beyond the range of gaming opportunities on offer,” says Böni.
Contact for inquiries:
Stadtcasino Baden AG
Communication & PR