Supplier News
Uruguay – Conrad leaves record-breaking Enjoy well-positioned
By Phil - 23 August 2013
The inclusion of revenue from Conrad Resort & Casino Punta del Este has boosted the Uruguayan results of Latin American operator Enjoy to record levels.
For the first half of 2013, Enjoy recorded net income of US$25.3m, the highest half year income in its history. However, the operator revealed its EBITDA margin dropped from 25.4 per cent in the first half of 2012 to 17.1 per cent in June this year.
The assets of the company increased to US419.6m due to the capital increase carried out earlier this year and the acquisition of Conrad.
The CFO Enjoy, Ignacio de la Cuadra, said: “These results show that with the purchase of Conrad, the future of the company is very promising.”
Enjoy took over the running of the casino by purchasing 45 per cent of Baluma S.A ., the Caesars subsidiary, which owned and operated the Conrad Punta Del Este Resor,t for US$139.5m. Under the agreement Caesars and Enjoy ‘cooperate on marketing and player development, increasing each company’s distribution capacity and strengthening the value proposition to their customers through the ability to offer greater amenities to customers who consolidate their play with the two companies.’ In three to five years’ time Enjoy will be given the option to acquire the remaining stake in Baluma S.A.
Enjoy currently operates a chain of eight casinos with 5,718 slots and 265 gaming tables.
The Conrad hotel and casino has 542 slot machines, 75 gaming tables and 294 rooms. Its casino licence was recently extended until 2036.
