The Clairvest Group Inc. has announced a $16 million USD investment to purchase 50% ownership in the Plaza Sol de Los Lagos casino that it being built in Osorno, Chile. The Clairvest investment will make them a partner with Latin Gaming, an expert in Latin American gaming.
“We are delighted to have Clairvest join us as a partner in this exciting undertaking,” said Marcelo D’Amato, Vice President of Latin Gaming. “In recent years, Chile has benefited from substantial investments by many Canadian companies and institutions, and we welcome Clairvest’s support and expertise in developing the gaming industry in this country.”
Osorno is a popular vacation spot in Chile, located on the border of Argentina. The border crossing from Osorno to San Bariloche, Argentina is one of the busiest crossings between the two nations. The Chilean government has given the Plaza Sol de Los Lago a 15 year monopoly for the Osorno and the surrounding region.
The project includes a casino with 20 table games and 300 slot machines that is scheduled to open by the end of the year. The complex will also feature a hotel, event halls, recreational facilities and retail space.
Speaking of Clairvest’s long term goals, Co-CEO Jeff Parr said, “This rising level of investment stems from increasing confidence in the political and regulatory environment in Chile, as well as the transparency of the regulatory process. We look forward to maintaining long and mutually rewarding relationships with our Chilean partners, customers, suppliers and employees.”
“This acquisition is part of Clairvest’s strategy to build a substantial gaming and entertainment company in Chile,” said Parr. “We continue to investigate other opportunities to augment this strategy.”