Enjoy studies demonstrations of interest in the Punta del Este casino

Enjoy studies demonstrations of interest in the Punta del Este casino

The company Enjoy, owner of the hotel and the private casino in Punta del Este which bear the same name, is analyzing demonstrations of interest and offers for its operations in Uruguay, in a non-binding manner and still in the first stages, in the middle of a asset reorganization process after a less favorable post-pandemic recovery than expected.

Although there is no formal sales process or anything concrete yet, Enjoy is analyzing different proposals for the casino that operates in Punta del Este. The business group made up of Euroamerica and Penta negotiate before the Commission for the Financial Market (CMF) of Chili and, as confirmed Ambit, there is great interest in its operations Uruguay.

For the moment, however, all demonstrations of interest and offers for assets remain “non-binding” and are subject to the condition, among others, of an external legal audit to evaluate possible risks.

Enjoy is also studying the possibility of selling its assets in Chile where, according to a note sent to the president of the CMF Solange Berstein Járegui—to which Ámbito had access—by the company’s general manager, Esteban Rigo-Righi; There would be interest on the part of an international operator to acquire the entire operation in the trans-Andean country as a single business unit that would include the eight casinos that the company has there.

From Uruguay, where the group has a casino license until 2036, there are still no further details, although the Santiago media La Tercera reported that there would be two investors interested in operations Punta del Este.

This entire process, meanwhile, occurs within the framework of the judicial reorganization process ongoing since last January 29; the second in less than four years, with the aim of avoiding bankruptcy due to a total debt of 340 million dollars.

An expected announcement

In August 2023, the situation of Enjoy and the eventual sale of its operations in Punta del Este It was already a topic that was circulating in the business environment and among the media, but the situation of confidentiality of information – while the beginning of the negotiations was presented as a Reserved Fact on July 17 of last year – kept the scene without major news. .

However, shortly after, the companies that owned the casino admitted that negotiations were being carried out for a sale or “equity capital deals”, from a premature perspective that only contemplated “exploring the interest of potential investors.”

At that time, the CEO of Enjoy, Eliseo Gracia Martínez, stated that “the company can report that, after the merger with Dreams SA, has been working on the realization of long-term strategic plans that in order to resume the cost effectiveness and in analysis of possible alternatives for a strategic transaction.”

Gracia Martínez indicated that Enjoy hired the financial advisor Asset Chile to explore “the existence of interest from potential investors in implementing a possible business combination at the level of share capital and/or one or more assets of the company”, according to the note sent to the Santiago Stock Exchange.

Source: Ambito

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