The Estoril-Sol group, Portugal’s dominant land-based casino operator, has lost its concession for the casino in Póvoa de Varzim after it declined to bid in a public tender, according to an official company statement.
The group led by Pansy Ho confirmed in a filing to the Portuguese Securities Market Commission (CMVM) that its subsidiary, Varzim Sol – Turismo, Jogo e Animação, SA, “did not submit a proposal” for the new concession.
Its current right to operate the establishment has been extended for 120 days by government addendum while the state evaluates a single known offer.
Portuguese newspaper Expresso reported on December 30 that the sole formal proposal for the Póvoa de Varzim casino came from the French gaming and hospitality group Lucien Barrière, which operates 32 casinos across France, Egypt and the Ivory Coast.
Solverde likely to keep Espinho, Algarve concessions contested
In related tenders, Expresso further reported that the Portuguese group Solverde is the only candidate for the nearby Espinho casino.
The more significant and contested concession for the Algarve region—covering casinos in Praia da Rocha, Vilamoura, and Portimão—remains open for bids until January 4. This concession is currently held by Solverde.
Estoril-Sol retains its flagship operations in Estoril and Lisbon, for which it secured new concessions in 2023. According to its first-half 2025 report, the Póvoa de Varzim casino was its smallest, generating €17.5 million ($20.4 million) in gross revenue, compared to €35.6 million ($41.4 million) for Lisbon.
The government has stated that a jury from the Gaming Regulation and Inspection Service will now analyze all submitted proposals before awarding the new contracts.
The Portuguese government has recently extended the operating concessions for casinos in three key regions by three months, as the process to award new long-term licenses remains underway.
The extensions apply to the gaming zones of the Algarve, Espinho, and Póvoa de Varzim. In a statement, the government cited the need “to comply with all required formalities” in the complex tender process, which missed the original December 31st, 2025, deadline for awarding new contracts.
