No buyer disclosed
Netherlands-based gaming developer and operator Storm International has sold two entertainment complexes in Mexico. Hollywood I and Hollywood II, operational since 2009, comprise Storm International South America. They jointly include more than 1,000 slot machines, the company said in a news release.
The buyer and the sale price were not disclosed.
In a statement about the sale, Storm President Michael Boettcher said both the Monterrey and Mexican business environments “have been very difficult to work with. My company invested well over $30 million into Monterrey, employing over 400 staff and trying to build a future for everyone involved in our business. That business has become more and more complicated with the many changes and lack of transparency from both the local authorities and from the Secretariat of the Interior.”
Boettcher said the company “will now move forward and focus on other promising opportunities and challenges in other countries that are more open to encouraging foreign investment.”
Storm CEO Darren Keane added that the Mexican unit “was profitable, showing stable business indicators. However, we decided to sell it to concentrate on our preferable geographies—Europe and Asia.”
As their names suggest, the Hollywood resorts were designed to look like vintage American movie palaces.
Storm International Group was founded by Boettcher in 1992. It runs entertainment facilities in Germany, Georgia, Armenia, Belarus and Russia.
