The Chilean group that owns Uruguay’s Enjoy Casino in Punta del Este has taken the painful decision to sell the renowned facility. Despite previous denials, continuous losses in the first quarter of this year have resulted in this critical decision.
Enjoy Casino in Punta del Este, a popular tourist and local destination, has proven to be a valuable asset for the Chilean group owners. However, rising financial difficulties have compelled them to reconsider their assets, finally leading to the decision to sell.
Enjoy has entrusted the sale process to Asset Chile, an investment business run by the experienced Georges de Bourguignon, in order to handle it efficiently. The firm has already made touch with possible investors, both domestic and foreign, to propose the chance to purchase this prominent casino facility.
While the specific price has not been announced, sources predict that Enjoy will seek to repay at least some of its earlier investments. The Chilean group paid $139 million for a 45% interest in the casino in 2013. They later purchased the remaining 55% for a considerable sum of $189 million in 2017.
The decision to sell the casino follows the failure of a proposed merger with Dreams. Following that, the Chilean group established a financial restructuring strategy to pave the way for future endeavors. The group intends to devise a strategy to boost the profitability of its commercial activities.
Enjoy’s management stated that they are always exploring various business opportunities, not just in Chile but also in other markets. This means that they are willing to discuss prospective collaborations or asset sales as part of their company plan.
As part of their restructuring efforts, the Chilean group had considered selling 53% of their investment in the operating business of a gaming casino in Mendoza.
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