Sun International raises stake in Latin America Sun Dreams
South Africa’s Sun International is set to boost its stake in Chilean casino operator Sun Dreams to almost 65%.
According to a report from Reuters, Sun International has agreed a deal that will see its subsidiary, Sun Latam, partner with stakeholder Nueva Inversiones Pacifico Sur Limitada (Pacifico) in order to purchase a 19.3% share of Sun Dreams from Chile’s Entretenimientos Del Sur Limitada (EDS).
Sun Latam will pay $63m for its half of the stake, raising its share of Sun Dreams from 55% to 65%. Pacifico’s stake will increase to 35%.
“We have established a great partnership with Sun International and with our common interest in growing the business we look forward to a long and successful partnership”, read a statement from Claudio Fisher, Chief Executive Officer for Pacifico.
In addition to its African resorts, Sun International operates casinos and hotels in a number of Latin American countries, including Chile, Panama and Colombia.
Anthony Leeming, Chief Executive Officer at Sun International, added: “In line with our stated intentions, we will continue to explore all viable opportunities for expansion in the region. These include Peru as well as Brazil where licensed casinos may be introduced. The Chilean economy, although still experiencing low gross domestic product growth, is showing signs of improvement with low inflation and interest rates.”
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