Mexican gaming company Logrand is looking to acquire a chain of casinos in Chile
The largest creditors of Enjoy, Euroamerica and Penta Vida funds, support the idea of a sale following a failed attempt to merge the Chilean casino group with its main competitor, Grupo Dreams SA. In April, Chile's National Economic Prosecutor's Office (FNE) blocked the merger, which, if successful, would have created a monopoly in Chile with over 75% market share and approximately 60% of licenses for land-based operations.
Last month, Grupo Enjoy announced the initiation of a strategic review that could lead to the sale of ten establishments in Chile, Argentina, and Uruguay. The group's board informed the Chilean Financial Market Commission (CMF) that the review is being conducted by financial advisory firm ASSET Chile SA.
Enjoy operates eight casino hotels in Chile, as well as properties in Mendoza, Argentina, and the Enjoy Punta del Este casino resort in Uruguay. However, Logrand Entertainment, which manages 14 casinos in Cancun, Guadalajara, and Monterrey, is primarily interested in the Chilean assets.
Logrand aims to expand its presence in South America beyond Mexico, competing with market players such as Grupo Caliente MX and Big Bola Casinos. If the acquisition of Grupo Enjoy proceeds, the Mexican operator could gain control of 40% of the casino market in Chile.
Meanwhile, the government is preparing to legalize online gambling by the end of this year. The administration is still working on the relevant legislation, as iGaming is currently illegal in Chile.
Notably, International Entertainment is investing a billion dollars in a casino resort project in Manila.
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