Latin American casino operator Thunderbird Resorts Incorporated has announced the signing of a binding agreement that will see it sell all of its gaming operations in Peru to rival firm Sun Dreams SA in exchange for approximately $26 million.

Panama City-based Thunderbird Resorts Incorporated explained that the deal is to see it offload the 75,347 sq ft gaming floor inside its 19-story Fiesta Hotel and Casino as well as around half of the Lima property’s 308-space underground parking lot but not its 66 hotel rooms or 58,125 sq ft of rentable office space.

Salomon Guggenheim, President and Chief Executive Officer for Thunderbird Resorts Incorporated, declared that the deal remains subject to ‘certain precedent conditions and regulatory approvals’ but is expected to close by the end of January 2018.

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, detailed that the arrangement encompasses the 680 gaming positions inside the Fiesta Hotel and Casino as well as 560 additional spaces offered at a trio of other gambling properties in the cities of Lima, Cusco and Tacna.

Santiago-headquartered Sun Dreams SA was already the largest casino operator in Latin American thanks to 13 venues spread across Panama, Chile and Colombia. Its Chief Executive Officer, Jaime Wilhelm, stated that Peru had instituted a ‘competitive and transparent gaming industry with a stable regulatory framework’ and that the deal would assist his firm’s ‘international expansion plan’ while consolidating its position in Peru.