The prominent gaming corporation, Caesars Entertainment from the United States, has divested its remaining ownership portion in a Uruguayan casino to the Chilean entertainment firm, Enjoy SA.
The transaction, valued at $180 million, grants Enjoy SA complete control of the casino. This follows their initial acquisition of a 45% stake in the resort’s managing entity, Baluma Holdings, in 2012. This agreement signifies Caesars Entertainment’s full withdrawal from the endeavor.
Enjoy SA had previously remitted a prearranged sum of $14.7 million to Caesars in February and has now disbursed the outstanding balance to finalize the acquisition.
“As per the stipulations of Enjoy’s 2013 purchase of a 45% interest in the Conrad Punta del Este, Enjoy retained the option to procure the residual interest in the property between the third and fifth anniversaries of the joint venture. This sale represents the outcome of Enjoy exercising that prerogative,” Caesars conveyed in an official announcement.
Situated in the coastal Uruguayan city of Maldonado, the Conrad Punta del Este resort boasts a 300-room lodging establishment and a gaming facility reminiscent of Las Vegas.
Enjoy SA oversees numerous casinos and hotels throughout South America and, earlier this year, broadened its operational reach within Chile with the inauguration of the Villarrica Park Lake & Wine Hotel in the Patagonia region.