International edition
August 24, 2019

According to its CEO, Jaime Wilhelm

Sun Dreams could acquire new casinos in Argentina, Peru or Colombia

Sun Dreams could acquire new casinos in Argentina, Peru or Colombia
"We thought Mendoza met the conditions required both in terms of the city’s development and its gambling regulatory framework.", he explained.
Chile | 07/18/2018

A few days after the completion of Park Hyatt Mendoza’s deal in Argentina, the Chilean-South African company’s CEO assured that they have their eyes set on Latin America.

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fter the acquisition of Park Hyatt Mendoza, Sun Dreams CEO Jaime Wilhelm spoke to the Chilean journal El Mercurio about the company’s future plans for the region.

The company currently operates in Chile, Peru, Colombia and Panama. Purchasing the full number of shares in the Argentine corporation Nuevo Plaza Hotel Mendoza entails a disbursement of USD 24.8 M—which could increase up to USD 27.8 M, depending on the closing operating income of the company acquired—, plus USD 2 M, likely to be invested in machine upgrades and gaming offer expansion. Wilhelm revealed that they began holding talks with the seller, Liberman Group, in October last year, when they reached Sun Dreams at G2E Las Vegas.

Park Hyatt Mendoza features 186 rooms, 648 machines, and 19 gaming tables.

In spite of the good news, the company experienced a major setback a month ago in Chile: it lost its license in Puerto Varas and could not manage to obtain licenses in Viña del Mar, Pucón or Coquimbo. However, Sun Dreams’ CEO assured that the purchase of Park Hyatt Mendoza is not related to these complications. “The acquisition is part of the development plans we have for the region. We announced the start of Thunderbird operations in Peru three months ago, which we have been planning since Las Vegas trade show, and we thought Mendoza met the conditions required both in terms of the city’s development and its gambling regulatory framework.”

The executive explained that even though they find the Chilean market appealing, during the last two years the company has placed its focus on Latin America and did not rule out a possible new acquisition in Argentina, Peru or Colombia in 2018 o 2019. In fact, as previously revealed by Leonardo Pacheco Bachmann to Yogonet, he said that they are undergoing a process to obtain an online gambling license in Colombia. “It is an extremely competitive market."

Wilhelm analyzed the licensing processes of the municipal casinos. "We are pleased to confirm our operations in Iquique. As regards Puerto Varas, our minds are at peace as we believe we made a responsible offer both to our shareholders and our collaborators."

 

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