Supplier News
Mexico – Storm International sells its operations in Mexico
By Lewis - 8 November 2016
Storm International has sold its Mexico business, Storm International South America (SILA) in Monterrey, operating since 2009, which comprises two entertainment complexes, Hollywood I and Hollywood II, with a total of over 1,000 slot machines. Both the amount and the buyer are not disclosed.
According to Storm, the properties are sold to optimise the company’s “geography of operations” and to receive additional investment to fund other projects, which are now undergoing final stages of development, to be announced at a later date. Michael Boettcher, President of Storm International, commented: “Both the Monterrey and Mexican business environment have been very difficult to work with. My company invested well over $30m into Monterrey, employing over 400 staff and trying to build a future for everyone involved in our business. That business has become more and more complicated with the many changes and lack of transparency from both the local authorities and from SEGOB. We will now move forward and focus on other promising opportunities and challenges in other countries that are more open to encouraging foreign investment.”
Darren Keane, CEO of Storm International, added: “Our Mexican unit was profitable showing stable business indicators, however we decided to sell to concentrate on our preferable geographies – Europe and Asia. Currently, we have several new projects under development, which demand both financial investment and management to assure their success.”
