Caesars sells remaining share in Uruguayan casino

ean casino group Enjoy SA have today purchased a 55% share in the Conrad Punta del Este Resort and Casino Hotel, Uruguay from Caesars Entertainment Corporation.

In a deal worth $180m, Enjoy SA are now the 100% shareholder in the resort’s parent company, Baluma Holdings following an earlier purchase of a 45% share in 2012, a move which ends Caesar’s involvement in the casino development.

Enjoy SA paid Caesars a deposit of $14.7m in February this year and have now paid the outstanding balance to complete the purchase.

In a statement announcing the acquisition, Caesars said “Under the terms of Enjoy’s 2013 acquisition of a 45% stake in Conrad Punta del Este, Enjoy had the right to acquire the remaining shares in the property between years three and five of the relationship.

“This sale is the result of Enjoy exercising that right.”

The Conrad Punta del Este resort is located in the Uruguayan coastal city of Maldonado and features a 300-room hotel and Las Vegas-style casino.

Enjoy SA currently owns a number of casinos and hotel developments all across South America, and recently expanded its Chilean operations with the opening of Villarrica Park Lake and Hotel Patagónico earlier this year.