Intralot divests Athens casino stake to cement Bally’s focus

Summary

Intralot SA has sold its entire holding in the Parnitha Casino via its Cyprus vehicle Karenia Enterprises to Larimar Services Inc. for €8m, completing its exit from Greek land-based casino operations. The disposal is presented as part of Intralot’s strategic refocus on lotteries and iGaming following its €2.7bn acquisition of Bally’s International Interactive in October 2025.

The enlarged group will be led by former Bally’s International Interactive head Robeson Reeves as Group CEO, with co‑founder Sokratis Kokkalis remaining as Chairman. Bally’s Corporation will retain an equity stake in the combined business, which aims for >€100m in synergies and is supported by €1.6bn in bond commitments used to finance the acquisition.

Key Points

Intralot sold 100% of shares in Karenia Enterprises (the vehicle holding a 30% stake in Athens Resort Casino SA) for €8m to Larimar Services Inc.
The disposal marks Intralot’s complete exit from Greek land-based casino activities.
The move aligns with Intralot’s strategic pivot to lotteries and iGaming after completing a €2.7bn deal for Bally’s International Interactive on 8 October 2025.
Bally’s Corporation will remain a long-term strategic shareholder in the enlarged Intralot Group.
Robeson Reeves (ex-Bally’s International Interactive) will be Group CEO; Sokratis Kokkalis stays as Chairman.
The combined group targets synergies of more than €100m and a corporate valuation supported by integration efforts.
Intralot secured €1.6bn in bond commitments to help finance the Bally’s International Interactive acquisition.

Why should I read this?

Short version: Intralot just sold its Athens casino stake to go all-in on the big Bally’s deal. If you care about who’s winning the race in Europe’s iGaming and lottery space, this reshapes market positioning and leadership — and it’s happening fast.

Context and relevance

This transaction is important because it confirms Intralot’s strategic reorientation from land-based casinos to digital and lottery businesses following a transformational acquisition. For competitors, partners and investors, the deal changes the landscape: an Athens-listed lottery vendor now with substantial B2C iGaming assets and a major US strategic partner (Bally’s) signals accelerated expansion in regulated markets and North America. The planned synergies and leadership changes are key to watch as integration proceeds.

Author style

Punchy: This isn’t just another asset sale — it’s a strategic mic-drop. Intralot has boxed off legacy land-based exposure and doubled down on a digital-first play backed by Bally’s muscle. If you follow M&A, regulated-market strategy or iGaming growth, read the detail.

Source

Source: https://igamingexpert.com/regions/europe/intralot-sells-athens-casino-stake/