Sun Dreams—the new company formed by the merger of South African hotel and casino operator Sun International with the Chilean company Dreams—recently accepted a 0 million loan allowing it to restructure debt and free up collateral to expand in Latin America. The loan is being made through Banco de Chile Banks, the BCI, Banco Estado and the BBVA.
The merger, approved in June by the Panamanian Gaming Control Board following approval from Chile’s Gaming Board in May, makes Sun Dreams the largest gaming company in Latin America, with a $400 million value. With 13 properties in four nations, Sun Dreams will offer a total of 6,650 slots and 295 gaming tables.
In Latin America, Sun International operates the Ocean Sun Casino in Panama City, Monticello in Chile and an almost-completed project in Colombia.
Sun and Dreams announced in May the new company’s plans to invest $300 million in Latin America, primarily in Peru, Dreams Corporate Finance Manager Claudio Teesside. In addition to Peru, Tesside said Sun Dreams also will focus on Brazil and Chile.
Sun Dreams is expected to seek licenses in Chile, where the merged company operates six casinos. That country’s Gaming Board supposedly will launch a tender process for interested operators in 2017. Sun will open a new casino will open soon in Panama, and in Peru the company operates the prestigious Casino New York in Lima plus four smaller casinos nearby. Sun Dreams reportedly wants to expand in Lima, possibly developing a new$250 million integrated gaming complex/entertainment center/convention center.
When Brazil opens its gambling market to international operators, Sun will compete with leading global gambling companies for a casino license. With a population of more than 200 million people, Sun Dreams and other gambling operators see unlimited potential.
