Banijay Gaming acquires French casino operator JOA in strategic deal

BLUF: Banijay Gaming will acquire French casino operator JOA from funds managed by Blackstone and Kings Park Capital pursuant to a put option agreement, adding JOA’s nationwide network of 33 casinos, c.€430 million in gross revenues in 2025 and some 4.6 million annual customers. Completion is expected in H2 2026 and remains subject to consultation with JOA’s employee representatives and customary regulatory approvals including merger control and casino gaming authorisations.

Deal summary: Banijay Gaming acquires JOA and expands its footprint

The transaction transfers ownership of JOA from funds managed by Blackstone and Kings Park Capital to Banijay Gaming under a put option arrangement. JOA is the second-largest casino operator in France, operating a network of 33 venues across every region. The company reported approximately €430 million in gross revenues in 2025 and attracted over 4.6 million visitors during the year.

Laurent Lassiaz, Chairman of JOA, will remain in place and continue to lead the business alongside the existing management team to ensure continuity for employees, customers and local stakeholders.

Strategic rationale: omnichannel and international development with a digital tilt

Banijay Gaming frames the acquisition as part of a longer-term plan to build a diversified European gaming leader able to meet changing customer expectations for integrated digital and land-based experiences. The deal follows Banijay Gaming’s purchase of Tipico Group in April 2026 and is presented as complementary to that earlier acquisition by accelerating omnichannel capabilities and adding digital expertise to JOA’s broad leisure portfolio.

Nicolas Béraud, Chairman of Banijay Gaming, said:

"Customers increasingly expect seamless experiences across digital and physical environments, and this transaction positions us perfectly to respond to that evolution." — Nicolas Béraud, Chairman of Banijay Gaming

Béraud highlighted the buyer’s strengths in technology, artificial intelligence and data as the levers Banijay Gaming intends to apply to JOA’s venues, which combine gaming with restaurants, bars and leisure attractions.

JOA’s business profile and local footprint

JOA operates 33 casinos distributed across France’s regions. Its venues mix gaming floors with food-and-beverage and leisure services that together generated roughly €430 million in gross revenues in 2025 and drew more than 4.6 million customers over the year. The operator is described in the announcement as rooted in local communities and maintaining an entrepreneurial culture.

The business model emphasises combined entertainment offerings rather than pure casino floors, a profile Banijay Gaming says will benefit from additional digital and data capabilities.

Governance, regulatory clearances and employee consultation

Completion is targeted for H2 2026 but is conditional. The seller-side funds are managed by Blackstone and Kings Park Capital; the transfer follows a put option mechanism. The deal requires customary regulatory clearances, explicitly including merger control and the casino gaming regulatory approvals that apply in France. The agreement also triggers a consultation process with JOA’s employee representatives.

Laurent Lassiaz’s continued chairmanship is intended to provide operational continuity through the consultation and approval phases.

Responsible gaming and operational commitments

Responsible gaming is highlighted as central to the combined group’s strategy. The announcement states both companies will continue to raise standards and share best practices under a common commitment to player protection. The buyer intends to apply its technology and data capabilities while preserving JOA’s local roots and entrepreneurial spirit.

Laurent Lassiaz commented on the strategic fit and continuity:

"Joining Banijay Gaming marks an exciting new chapter for JOA. After a successful period with Blackstone and Kings Park Capital, which laid the foundations for our growth, we have found another long-term partner with whom we share a common vision for the future." — Laurent Lassiaz, Chairman of JOA

Commercial implications for the French market and for Banijay’s roadmap

For Banijay Gaming the acquisition consolidates a broader omnichannel play that now includes the Tipico Group (acquired April 2026) alongside JOA’s land-based assets. The combination positions Banijay to integrate digital products into physical venues and to scale JOA’s concept internationally while retaining local management.

Operators and suppliers should expect the buyer to prioritise technology, AI and data integrations across venues; the release explicitly references those capabilities as drivers of the next development phase.

What happens next

Timelines and conditions are clear: the parties expect to close in H2 2026 subject to employee consultation and regulatory approvals covering merger control and casino licences. Management continuity has been agreed through Laurent Lassiaz’s ongoing chairmanship and the incumbent leadership team, reducing immediate disruption for employees and customers.

With regulatory checks pending, the transaction will be one to watch for how France’s casino regulators and competition authorities treat consolidation that pairs a large domestic land-based operator with an international digital-capable owner.