Chilean gaming company Dreams recorded a net profit of $10.4bn (Chilean pesos) an increase of 15 per cent compared to last year due in part to the launch of new casinos in Peru.
The improved results were, according to financial statements sent to the Chilean Superintendence of Securities and Insurance, largely due to the performance of its business operations specifically in its casino business. In the same period, EBITDA increased 14 per cent compared to the previous year.
Chief Financial Officer of the company, Claudio Tessada, said that the company’s new gaming operations in the Peruvian city of Lima, which began in September 2014, have helped the company grow.
“The consolidation of the operations acquired in 2013 and the opening of the fourth Dreams operation in Peru, in the last quarter of 2014 fuelled the 31 per cent increase in revenues in this country. The share of revenues from Peru now account for 11 per cent of total company revenue, from 6 per cent from the start of operations,” he explained.
During 2015, the casino business contributed 82 per cent of total company revenue, reaching $89.24bn, an increase of 15 per cent compared to 2014. Meanwhile, the hotel side of the business accounted for 8 per cent of total revenue, reaching $8.56bn with a growth of 12 per cent due to higher occupancy and higher room rates on average. Finally, the food and beverage business recorded revenues of $10.46bn – a growth of 3 per cent compared to the same period in 2014 and accounted for 10 per cent of total Dreams revenues.
“We are very pleased with these results, and presents a good outlook when it comes to the merger process in which we are now immersed and the challenge of becoming the largest casino operator in Latin America,” Mr. Tessada said.
In September 2015 Dreams and Sun International finalised the merger between both companies creating Latin America’s largest gaming operator. The Latin American operations of Sun International, including Monticello in Chile, Ocean Sun Casino in Panama City and a project near completion in Colombia, will be merged in the deal which will see Sun International expanding its presence in the region. Dreams operates six casinos in Chile and it has recently expanded into Peru where it operates four smaller gaming establishments in Lima and has plans to expand further in the region.