Sun International Buys Up Chilean Casino

Sat, Jul 12, 2014

Sun International Ltd., the second largest casino operator in South Africa and owner of Sun City, has paid $146 million to buy the rest of the Monticello Casino (l.) in Chile. Sun previously owned more than 44 percent of the property.

Latin America: small but fast-growing market

South Africa’s second largest casino and resort operator, Sun International Ltd., will buy the remaining stake in a Chilean gaming casino as it works to increase its presence in Latin America.

Sun International, which now owns 44.2 percent of Monticello Grand Casino, will buy an additional 44.2 percent from Austria’s unlisted Novomatic AG and another 10.5 percent stake from minority owners for $144 million, according to Reuters.

The company will also acquire shareholder loans and cash in South America’s biggest casino gaming operation, valued at $32 million, Sun reported.

Latin America is a small market, but it is also the second fastest-growing market for casinos, according to the accounting firm PwC.

The company, best known for its Sun City resort in South Africa, is due to open a casino in Panama and has applied for a license to operate another in Colombia.

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