The firm behind South Africa’s Sun City Casino Resort, Sun International, has reportedly announced that it is set to boost its stake in Latin America-focused casino operator Sun Dreams to almost 65%.

According to a report from the Reuters news service, Johannesburg-based Sun International has agreed to a deal that will see it partner with fellow stakeholder Nueva Inversiones Pacifico Sur Limitada in order to purchase a further 19.3% share of Sun Dreams from Chile’s Entretenimientos Del Sur Limitada.

Sun Dreams was established in June of last year after Sun International merged its Latin American operations with those of Chilean counterpart Dreams SA. The South African firm reportedly explained that its Sun Latam subsidiary is set to pay around $63 million for its half of the stake while Nueva Inversiones Pacifico Sur Limitada’s shareholding is set to rise to about 35%.

“We have established a great partnership with Sun International and with our common interest in growing the business we look forward to a long and successful partnership,” read a statement from Claudio Fisher, Chief Executive Officer for Nueva Inversiones Pacifico Sur Limitada.

The largest gaming operator in Latin America, Sun Dreams runs 13 properties in four countries including Panama, Chile, and Colombia offering 25 restaurants, six hotels, 6,500 slots and 300 gaming tables. Reuters reported that the deal follows March’s announcement from Entretenimientos Del Sur Limitada that it wanted to take the operator public with a listing in Santiago or New York or offload its stake.

“Rather than proceed with the initial public offering, both Sun International acting with [Nueva Inversiones] Pacifico [Sur Limitada] elected to each acquire 50% of Entretenimientos Del Sur Limitada’s shareholding in Sun Dreams,” read a statement from Sun International.

Sun International previously revealed that Sun Dreams is hoping to renew a pair of gambling licenses in Chile while moreover bidding for the right to open additional casinos in the nation of 18 million people.

“The acquisition also strengthens the partnership between [Nueva Inversiones] Pacifico [Sur Limitada] and Sun International in Sun Dreams, which positions us extremely well for the future,” read a statement from Anthony Leeming, Chief Executive Officer for Sun International. “In line with our stated intentions, we will continue to explore all viable opportunities for expansion in the region. These include Peru as well as Brazil where licensed casinos may be introduced. The Chilean economy, although still experiencing low gross domestic product growth, is showing signs of improvement with low inflation and interest rates. Although trading in the early part of 2017 was subdued, it is expected to pick up towards the end of the year.”

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