Sun Int to buy Chilean casino | Fin24
 
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Sun Int to buy Chilean casino

Jul 02 2014 14:26
Fin24
Johannesburg - Sun International confirmed on Wednesday that it intends to acquire an additional 54.7% equity interest in its Monticello Casino in Chile for about $114m (R1 200m).

In addition, Sun International will acquire shareholder loans and cash for approximately R340m.

Sun International CEO Graeme Stephens said the deal would provide an opportunity for the company to increase its exposure to an asset that is not only the cornerstone to its offshore strategy, but is also the premier gaming property in Chile.

The deal is subject to shareholder approval and the approval of the Chilean regulator.

Elsewhere on the continent, Sun International’s new Ocean Club Casino in Panama is due to open in September this year at an estimated cost of $105m.

“We will continue to pursue other opportunities – either acquisitions or greenfields developments – in countries within LatAm that meet our investment and risk criteria,” said Stephens.

sun international  |  chile  |  casino  |  travel and leisure
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