Enjoy takes full ownership of Uruguayan casino

Enjoy takes full ownership of Uruguayan casino

Monday, May 22, 2017 Posted by James Walker
The Conrad Punta del Este Resort is frequently cited as as one of Uruguay’s best leisure destinations

Marking the latest step in the company’s Latin American expansion plan, Chilean casino group Enjoy SA has taken full ownership of the Conrad Punta del Este Resort and Casino Hotel in Uruguay.

Enjoy now has a 100% shareholding in the Conrad resort’s parent company, Baluma Holdings, after acquiring the remaining 55% stake in the group from Caesars Entertainment Corporation for $180 million.

The move completes an acquisition that began with a 2012 agreement, ratified in 2013, when Enjoy took on a 45% ownership position and took over operations of the beachfront resort.

“Under the terms of Enjoy’s 2013 acquisition of a 45% stake in Conrad Punta del Este, Enjoy had the right to acquire the remaining shares in the property between years three and five of the relationship,” Caesars said in a statement. “This sale is the result of Enjoy exercising that right.”

Located on a prime coastal stretch in the southern city of Maldonado, Conrad Punta del Este is positioned as an exclusive destination resort, featuring 300 luxury hotel rooms, live entertainment and a Las Vegas-style casino. The property generated $21 million in EBITDA in 2016.

Enjoy was established in 1975, when the group took on the ownership of iconic Casino de Viña del Mar in Chile. Since that time, the Santiago-based company has grown its operations to include 10 casinos, 10 hotels, 10 convention centres and 65 restaurants and bars across Latin America.

The operator unveiled ambitious expansion plans in 2012. According to director Javier Martínez Seguí, Enjoy aims to become a leader in Latin America’s entertainment and hospitality industry.

Last year alone saw the group expand its operations in Chile through the opening of Villarrica Park Lake and Hotel Patagónico, while the company also marked its entry into the Colombian market with Enjoy San Andrés, located next to the Royal Decameron Isleño Beach Resort.

Totally Gaming says: Enjoy SA might not be the biggest leisure and hospitality group in Latin America, but it focused on becoming one of the region’s most exclusive. The award-winning Conrad Punta del Este resort is frequently cited as one of Uruguay’s best hotels, and the property will remain a jewel in Enjoy’s growing leisure portfolio for many years to come.

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