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Chile – Enjoy reports losses but outlook improving post pandemic

By - 5 June 2023

Enjoy closed the first quarter with a positive result in its sales, which was reflected in consolidated revenues of CLP$94,327 million, equivalent to a growth of 17% compared to the same period in 2019, exceeding pre-pandemic levels. 

Likewise, the company registered a 22% increase in its sales in Chile and 71% in the consolidated Hotel and Restaurant business, both compared to the period January-March 2022, according to the Financial Statements submitted to the Financial Market Commission (CMF).

However it wasn’t all good news. According to the company the casino chain reported a loss of CLP$7,581 million as of March 31, 2023, reversing the profit of CLP$5,648 million recorded as of March 31, 2022.

Enjoy said that these losses were “mainly due to lower EBITDA generated of CLP$8,077 million compared to the 1st quarter of the previous year, and for the purposes of lower income taxes and deferred taxes.”

According to the company, positive results came out of investments made in the former municipal casinos of Viña del Mar, Coquimbo and Pucón, which, together with its locations in Santiago, Los Angeles and Chiloé combined allowed the company to increase its market share in Chile up to 40%.

The company controls nine casinos and hotels in Chile and Uruguay, an activity to which it added Enjoy EnjoyWin.com earlier this year   – an online betting platform that operates in Brazil. This performed well in its first phase of implementation the company said. According to Enjoy the online betting platform reached “a registration rate of 13% and an average deposit amount of US$237, both indicators above the values ​​of the industry.”

Enjoy said that it was also carrying out a series of developments so that it could be at the forefront of the industry. “We started the operation of the New Hotel Pucón with a new and renewed offer that adds the investment of the new casino, slot machines and new restaurants. This new hotel includes a movie theatre, convention centre, new spa and gym, heated pool, presidential suite, among others,” the company said.

The total cumulative investment as of December 2022 amounted to CLP$21,600 million, CLP$7,400 million in slot machines and gaming tables, CLP$8,075 million in casino infrastructure, CLP$6,125 million in infrastructure of complementary offers, and in its efforts to certify the Hotel Enjoy Pucón with a 5-star rating.

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