Latin American casino operator Thunderbird Resorts Incorporated has reportedly announced the completion of a previously publicized deal that has seen it sell off all of its gaming operations in Peru to rival firm Sun Dreams SA for approximately $26 million.
According to a Monday report from G3Newswire, Panama City-based Thunderbird Resorts Incorporated revealed that the sale included its Fiesta Hotel and Casino in Lima alongside its Luxor Casino Lima, Luxor Casino Tacna and Mystic Slots Cusco venues complete with their combined slot estate of some 1,240 machines.
First announced in October, the deal that has seen Thunderbird Resorts Incorporated completely exit Peru was due to be completed by the end of January but was reportedly held up due to transactional conditions and the receipt of regulatory approvals.
For its part, Sun Dreams SA, which was established in June of 2016 after South African casino giant Sun International merged its Latin American operations with those of Chilean counterpart Dreams SA, reportedly stated that the transaction is expected ‘to have a positive impact’ on the company’s overall bottom line.
The Santiago-headquartered firm reportedly moreover detailed that its four new venues recorded aggregated revenues last year of around $19.6 million and would assist it in extending ‘the average duration of the company’s gaming licenses’ due to Peruvian regulations that deliver ‘continuously renewable gaming licenses’.
“The decision is an example that reaffirms our commitment to continue to consolidate and invest in Peru, a country that has developed a competitive and transparent gaming industry with a stable regulatory framework,” reportedly read a statement from Peru Martin Davila, General Manager for Sun Dreams SA.