STC to sell stakes in casinos as it grapples with losses

The State Investment Corporation (SIC) will soon sell part of or all its shares it holds in local casinos.

The SIC has launched an expression of interest to this effect for the recruitment of a ‘Transaction Advisor’.

The casinos, which are owned and operated by the STC, have reportedly accumulated heavy losses over the years.

The SIC owns 100% shares in Grand Baie Casino Ltd and Casino de Maurice Ltd and also holds 51% in the Caudan Waterfront Casino Ltd and 62.4% in the Grand Casino du Domaine Ltd.

The SIC also owns all the shares of Beach Casinos Ltd and Sun Casinos Ltd which are currently closed.