South American casino giant, Sun Dreams SA, has signed a deal that will see it pay a minimum of $24.8 million in order to obtain Argentine operator, Nuevo Plaza Hotel Mendoza SA, alongside the firm’s Park Hyatt Mendoza property.
According to a Wednesday report by G3Newswire, the transaction is expected to close later this month and could see its final cost rise rise to as large as $27.8 million depending on the 2018 operating results of the expansive Park Hyatt Mendoza.
Sun Dreams SA, which was established in 2015 after a deal between South African resort and casino operator Sun International and South American counterpart Dreams, is reportedly already accountable for properties in Peru, Chile, Panama and Colombia. Its purchase of Nuevo Plaza Hotel Mendoza SA is a part of a continuing global expansion plan and will mark the Santiago-based firm’s foray to the Argentine market.
“The aim of the company is to place itself at a situation that has broad concessions and adequate regulation in the provincial level and transparency in the business, which allows us to project ourselves in the very long term with good prospects,” reportedly read a statement by Jaime Wilhelm, Chief Executive Officer for Sun Dreams SA. “Sun Dreams SA is proud to have this luxury format, [which is] the maximum degree of the Hyatt chain worldwide. ”
G3Newswire reported that the 186-room Park Hyatt Mendoza includes a casino complete with a few 648 slots alongside round 19 gaming tables. The imposing venue is located close to the center of the western city of Mendoza and retains a renewable gaming license that is not due to expire before 2033.
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