Bidders circle over Enjoy’s Conrad
Enjoy’s Uruguay sale, Brazil’s illegal website call, Mexican measures, Puerto Rico casino +Más
Uruguay: Five potential buyers eye Enjoy’s Conrad Hotel and Casino.
In +Más: IBIA suspicious sports-betting alerts, Betsson revenues.
Brazil: Loterj demands closure of unlicensed websites in state of Rio de Janeiro.
Mexico: Zapopan City Council redirects money seized from illegal slot machines.
Puerto Rico: Rumbao Hotel in Old San Juan to add casino.
Enjoy’s Uruguayan casino sale
Vultures circle: Although no firm offers have been disclosed for Enjoy’s iconic Conrad Hotel and Casino in Punta del Este, Chile’s El Financiero newspaper has reported there are at least five business groups from Latin America, Europe and Asia interested in the property.
Do you have a reum? While the casino business is significant, it is not the main attraction for potential suitors, according to reports. The hotel has a high occupancy rate, is very close to the beach and – thanks to recent investment – transcends the casino activity it houses.
About 60% of the casino’s visitors come from Brazil, a country where such establishments were banned for almost 50 years.
With the approval of the law allowing physical and online gambling in Brazil, the demand for the Punta del Este casino, and its value, is likely to drop.
Selling the family silver: Enjoy’s revenues from gambling in Uruguay in 2023 grew by 44%, while in Chile they fell by 4.7%. Conversely, other parts of the business (hotels, entertainment) increased by 19% in Chile and just 3.2% in Uruguay.
In Chile, Mexican operator Logrand is close to acquiring seven casinos and (at least) two hotels from Enjoy. According to El Financiero, negotiations are well advanced, with the expectation that an agreement will be reached by June 18.
On that date, Enjoy’s management must present the company’s reorganization plan to its creditors, including how and when it will pay its debts.
Sources close to the process indicated that Logrand would not pursue Enjoy’s operations in Viña del Mar, Coquimbo and Pucón since “astronomical” prices were quoted when they were first tendered.
Dreams and Marina del Sol would likely be interested should there be a second tender – at more realistic prices than previously offered – for these properties.
+Más
Spoiler alert: The International Betting Integrity Association (IBIA) reported 56 incidents of suspicious sports-betting in Q124, a 65% increase on Q423 and a 12% rise vs. the same period last year.
The alerts involved six sports across 21 countries on five continents, with football (24 notifications) and tennis (15) accounting for 68% of the total.
41% of the alerts were connected to sporting events held in Asia, while North America and South America ranked second with 18% each.
Betsson’s revenues surpassed €958m ($1.03bn) in 2023, a rise of 22% YoY. Operating profit grew over 60% to €210m. The increase follows the group’s significant expansion in Latin America.
LatAm revenues hit €201.6m, up from €173.6m in the previous year, representing 21% of the company’s total earnings.
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Loterj files to block websites
Put the blocks on: The Rio de Janeiro State Lottery (Loterj) has filed a precautionary measure for a court to order the National Telecommunications Agency (Anatel) to block 115 gambling websites that do not have a license to operate in the state.
According to Loterj, these sites violate federal and state laws and compromise the public and economic order of the state.
The request added that “there is a permanent risk of financial crimes [including money laundering, tax evasion and monetary evasion] and against consumer relations” if the sites are allowed to continue operating.
The court has asked the Federal Attorney’s Office to pronounce on the case before issuing a decision, which it is expected to do this week.
Zapopan illegal gambling measures
One man’s trash is another man’s treasury: The resources obtained from the seizure of assets used in illegal gambling in the Mexican city of Zapopan - including unlicensed slot machines – will now go directly to the municipal government’s treasury rather than the Municipal System for the Integral Development of the Family (DIF).
The move comes as a result of modifications made to the regulations regarding resources seized by the municipality’s Inspection and Regulations Directorate (DIR).
In the same session, legislator Alberto Uribe instructed the DIR to present a plan to eradicate slot machines located on public roads, outside gambling establishments and within the reach of minors. If approved, it will also encourage citizens to report the presence of such machines.
The number of municipalities establishing measures to combat illegal gambling and prevent minors from accessing betting is on the rise.
Puerto Rican casino investment
Catch the drift: The Rumbao Tribute Portfolio Hotel, located in Old San Juan, will invest around $12m towards the incorporation of a casino into its entertainment offering. This is in addition to the $15m already secured from Driftwood Capital.
The casino, which will be the only one in the city, is slated to open next year and will be operated by the Orenes Group.
Procedures to obtain operating licenses for the casino are underway, said the company.
In Puerto Rico there are 16 casinos that are regulated by the Gaming Commission.
The Rumbao opened its doors in March this year, occupying the former Sheraton Old San Juan Hotel building. Driftwood Capital bought the Sheraton building for $33m in 2021. It also acquired the commercial property adjacent to the hotel for $2.6m.
As part of the renovations, the hotel will add 150 rooms, taking the total to 395.
AECN calls for marketing department
Market day: The National Casino Employees Association (AECN) has urged the Provincial Institute of Lotteries and Casinos (IPLyC) of Buenos Aires to create a marketing department to ”modernize and improve the operation of our casinos.”
If created, it said the objectives of the department would be to:
Analyze statistics and prepare of exploitation proposals for each casino in the province of Buenos Aires.
Promote actions that improve competitiveness in relation to other gambling offerings.
Analyze new games or regulatory modifications of existing games.
Develop and apply customer loyalty policies for artisanal gambling.
Establish a mixed working group with the various service providers for the analysis and opinion of events held in the province’s casinos.
Manage social networks that allow promotion of gambling offers.
Develop policies for generating new customers.
Generate live streaming gaming for the insertion of casinos in online gaming.
Develop poker tournaments and establish new roulette competitions.
Publication schedule
This is the English version of the LosIngresos+Mas newsletter published yesterday (May 1).
An +More Media publication.
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