After receiving the final regulatory approvals for its merger with Chilean firm Dreams earlier in the month, Sun International is now reportedly set to invest up to $300 million to improve and expand its casino estate in South America.
According to a report from El Comercio, Johannesburg-based Sun International is planning to invest the majority of this cash at $250 million to renovate its existing properties in Peru, which include the prestigious Casino New York in Lima as well as a pair of nearby slot parlors, while building a new integrated gaming complex and entertainment center for the capital.
The newspaper cited Manuel San Roman from the Peruvian government’s Foreign Trade And Industry Ministry as revealing that the merged Sun Dreams enterprise has applied for permission to build a new 250-room casino in Lima offering approximately 1,000 slots alongside an arena and parking spaces for 1,500 cars.
Peru is one of the most vibrant gambling markets in South America offering 17 casinos alongside 718 slot parlors. Martin Davila, Chief Executive Officer for Dreams Peru, reportedly told El Comercia that the operator was currently investigating sites for its latest development in the Lima districts of Surco, La Molina and Miraflores while praising the economic certainties brought about by the nation’s current policy of regulation.
“We, as a company, have had a boost in sales of 11% over the past year and we aim to grow our earnings before interest, tax, depreciation and amortization in 2016 by 40%,” Davila told the newspaper.