In September 2015, Dreams and Sun International completed a merger of both companies that has now gained the approval of the Gaming Board in Chile. The merger created the largest gaming operator in Latin America and is valued at $400 million.
General Manager of Dreams, Jaime Wilhelm, stated that the approval by the gaming board of the merger on terms requested constitutes a ‘substantial advance for the purposes of materialization which is expected within the second quarter of 2016’, as quoted at g3newswire.
According to Wilhelm, the merger will have an important impact on the region’s gaming and entertainment industry. The approval endorses the importance of the business for the country and region since the merger has created the biggest casino operator in Latin America. The GM also stated that the main challenge will be to lead the gaming and entertainment industry on a regional level, offering world-class operations and maximizing the experience and competitive advantages of each company.
Shareholders and clients of the companies will be affected positively according to Wilhelm as the company will be moving to expand further into Latin America. This could result in growth opportunities including a launch on the stock market.
Sun International currently operates Ocean Sun Casino of Panama City as well as a Chile facility, the Monticello. Another project is in the works in Colombia which will be included in the merge with Dreams. Dreams has six properties in Chile and has also expanded into Peru, with Lima gaming facilities.
After the approval of the Gaming Board, the merger now needs to be approved by the Panamanian Gaming Control Board due to the Sun International property located in Panama.