Latin America’s leading casino operator Enjoy has put its casino in Punta del Este on the peninsula at the Atlantic Coast in southeastern Uruguay, up for sale by its new owners, Euroamérica and Penta.
The casino, which is popular with players crossing the border from Brazil, generated losses in the first quarter of the year.
The price tag for the casino is not yet known. In 2013, Enjoy bought 45 per cent of the casino for US$139m, following this up in 2017 when it bought the rest for US$189m. Added to this total of US$328m, the operator will want rembursing for all the investments it has made and the debt the casino has accrued.
Whilst a ‘formal sales process,’ is yet to be launched, several major casino groups have been contacted by the company overseeing the sale; Asset Chile.
Enjoy said: “We are always analyzing new business alternatives both in Chile and in other markets, not ruling out a possible partnership or sale of assets as one of the possible alternatives. The pandemic had a longer and more profound effect than we estimated at the time, so once the merger failed to materialise, the board of directors and management have been working on long-term strategic plans to resume profitability with an analysis of alternatives for a strategic transaction that will allow us to achieve the same objectives set out in the discarded merger with Dreams, such as strengthening the company’s balance sheet.”
“Enjoy’s focus is on resuming efficiency and value generation projects that contribute to its strategic objectives, such as process automation and the implementation of technologies to directly boost income generation.”