Operator News
Chile – Chilean company increases ownership in Sun Dreams to 50 per cent
By Phil - 2 May 2019
Chilean company Nueva Inversiones Pacífico Sur has signed a contract with South African company Sun International to acquire 15 per cent of the ownership of the Sun Dreams casino and hotel chain, an operation that will allow them to increase their participation to 50 per cent.
“The finalisation of the operation is subject to the usual conditions of operations of this nature, including the approval of the gaming control board (SJC),” said Jaime Wilhelm, general manager of Sun Dreams in the formal presentation before the financial market commission of Chile.
He added that the operation is expected to be fully materialised during the first half of this year. After the purchase, Sun International will keep the remaining 50 per cent of the company.
Sun Dreams has now filed two appeals before the Santiago Appeals Court against the Chilean Gaming Board (SJC) through which it seeks to challenge and revert the decision to grant the licence to the casinos of Pucón and Puerto Varas to rival Enjoy. Sun Dreams argue that the resolutions of the SCJ are illegal. According to the company, Enjoy presented two projects with incorrect technical criteria, which allowed the company to reduce the costs associated with both projects.
Sun Dreams owns the licenses of the casinos of Iquique, San Francisco de Mostazal, Temuco, Valdivia, Coyhaique and Punta Arenas; plus eight operations in the city of Lima, Peru; two operations in Cartagena de Indias in Colombia; two operations in Panama City, Panama and one casino in Mendoza, Argentina.
Dreams and Sun International finalised the merger between both companies creating Latin America’s largest gaming operator in 2015.
