he sale price for the shares was approximately us$ 38 million for our 63.63% stake. For financial statement reporting purposes the Group has been reporting the results from these operations as "discontinued operations" on its consolidated statement of comprehensive income and as "assets held for sale" on its consolidated statement of financial position. The Group will record a gain on the sale of stock of approximately us$ 14.5 million in the 3rd quarter of 2010 and will report an additional gain of us$ 4.2 million ratably over the next two years.
Certain withholding taxes due from the sale and the costs of the transaction will be paid out of the sale proceeds. This transaction results in a significant improvement in the Group's balance sheet through the reduction in consolidated Group debt of approximately us$ 46.8 million (us$ 30.8 million used to pay down debt and elimination from our consolidated financials of us$ 16 million of Panama operational level debt) along with a significant improvement in the overall cash flows of the Group.
The six Panama casinos have been operated under long term property lease arrangements, under which the Group has been unable to build its balance sheet or obtain long term financing. Despite the Group's success in Panama, the sale of the Panama casinos, while financially beneficial and necessary is also consistent with the Group's strategy to develop, own and operate integrated resorts anchored by casinos. Since there are very few international operators targeting the investment size projects of the Group, the Group believes this strategy provides the best balance of operating results and balance sheet performance.