internationalcasinoreview News SOUTH & CENTRAL AMERICA
Chilean casino operator announces new set of bold aims
Enjoy, the casino operator controlled by the Martinez family, has announced its next stage of expansion, aiming to set up premises in other countries following a similar model to those it is currently operating in Chile.
enjoyexpansion CHILE
The largest operator in the Chilean casino industry, Enjoy, is planning to expand its empire outside its home country. Javier Martinez, general manager of the firm, revealed that the decision is related to the maturation stage of the business life in the local market and the fact that there are few options to grow domestically. According to Martinez, whose firm has a 38 per cent market share in Chile, Enjoy has “fulfilled a cycle”, which involved expansion in the domestic sphere and the company now wants to enter a new stage, where internationalisation is key. Enjoy has already taken
several steps in this direc- tion, eyeing markets inside and outside South America, including in distant Croatia, which didn’t quite come off due to unfavourable market conditions. From then on, Enjoy has examined further options in Europe and the US, but Martinez noted that ‘an interesting potential’ exists within South America, particularly in countries such as Colom- bia, Peru and even Brazil,
Enjoy Santiago has seen a large expansion in its offer since opening in 2010
Casino of Viña del Mar cur- rently operated by Enjoy, which is due to take place in 2015.
An illustration of Enjoy’s
ongoing expansion is its newest casino Enjoy Santi- ago, 50km north of the capital, which has been adding machines since it opened in 2010 and now has over 1,000 slots on the gaming floor. The firm runs seven casinos in Chile as well as the single operation in Argentina.
Despite its ambitious
Javier Martinez, general manager of Enjoy
where casinos are not yet permitted.
The company’s decision will be taken based on
market conditions and the presence of a clear regula- tory framework, which underpinned its foray into
Argentina, where it oper- ates a casino in Mendoza. Enjoy’s ultimate aim is to become one of the world’s top ten casino operators. Martinez believes that his company is already among the 40 largest in the world. Although internationali- sation is the heart of Enjoy’s next stage, the outfit will continue looking at other alternatives in its own country, where the city of Concepcion remains an option. The company is also waiting for the outcome of the bidding for municipal casinos,
including the
plans, the Santiago-based casino owner ended last year with a higher debt ratio than allowed for by the covenants on its bonds and has 90 working days to get back in line.
Should Enjoy not come
back into line with its covenants within that time, the bondholders have the right to force accelerated payment of the 110bn peso (E170.5m) debt,
NEWSBRIEFS
First WAP win in Columbia
Colombia, which recently installed a
nationwide network for all slot machines, has seen the first progressive jackpot payout on the Feral Electronics system. The Allegre Casino in Medellin was the first to introduce the prize pool for the mystery pro- gressive jackpot and has duly become the first to pay out. On February 4, the progressive jackpot awarded Humberto Escalante $22,175,865 Colom- bian pesos (around E9,300), amid a “party atmosphere”.
Rosario casino applies for 24-hour licence
City Center casino in Rosario, Argentina,
the
company said in a state- ment. The covenants on the bonds oblige Enjoy to keep its level of net debt at less than five times its EBITDA at the end of 2011. Enjoy, however, expects to meet its obligation in the time remaining.
has sent a petition to the city council requesting to operate 24 hours during weekends and holidays. They said that, if the council agrees, they will take on more paid employees and raise more money for the city council’s coffers. The casino wants all-day opening on Friday, Saturday and Sunday, plus holidays. Currently, the hours of operation of the casino is the same every day from midday to 5am. A City Center spokesperson said that if the plan was approved it would take on 90 new employ- ees and pay more money to the city council, both in respect of gross revenues and the entry fee charged by the local government. Some city councillors are in support of the move. One, Oscar Greppi, said: “I see the benefits it could bring to the city.”
Beneficial Holdings applies for new Nicaragua licence
forwardthinking NICARAGUA
US-based casino investment company Beneficial Holdings through its subsidiary, Grupo Ben- eficial, is to make an application for a new 20-year gaming licence in Nicaragua under the new regu- lations that came into force in December. The new legislation aims to
provide a stable environment for both operators of gaming par- lours and their customers. Benefi- cial Holdings has commended the President and parliament for their workable solutions and
forward thinking, which the company says will help develop tourism and business stability in Nicaragua.
Under the new rules, the over- sight body, INTUR (Institute of Tourism), will grant 20-year licences which will allow opera- tors to acquire locations through- out Nicaragua, although the new locations will still be subject to suitability requirements and may not be near schools. Grupo Beneficial will make its application before the end of March. The firm believes it will allow for rapid growth and addi- tional locations in the second and
14 March 2012 • south&centralamericanews
third quarter of 2012. It has already been in negotiations for several new locations, but has held back because of uncertainty as to whether new regulations would adversely affect its invest- ments. Now the company says it can proceed with capital invest- ment into the lucrative Nicaraguan market. The new law will also make it easier to add gaming tables to the locations in addition to the elec- tronic machines and help Nicaragua compete with tourism destinations such as Costa Rica, where a new tax regime is dis- couraging investment.”
Casino Las Vegas in Managua, Nicaragua
Panama’s 2011 GGR exceeds $150m Casinos in Panama took more than US$150m (E112.6m) in 2011, according to official data, topping 2010’s result by 11.9 per cent with the trend expected to continue this year. So far in 2012 two contracts have been signed to open casinos that will be fully operational before the year is out. Both casinos will be located in Panama City. Jakarta Rios, president of the Ethical Consumer, said that the steady increase in the gross income of casinos is the result of growth in tourism in Panama.
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