“Chile is showing that it is a very good industry model”

In which way did the earthquake suffered in Chile in February affect the company? Which is the current situation of the operations in the country?
Fortunately, Enjoy was not considerably affected by the earthquake. In fact, all our casinos started operating 48 hours after the earthquake, except Casino de Colchagua, which opened five days later. We even calcuate that, at the moment of the earthquake, there were 15,000 people, among customers and collaborators, in our facilities, and everyone was evacuated
without any problems, thanks to the important investment in security that Enjoy has performed and the quality of its infraestructure.

Is it true that you are evaluating the sale of your casino license in Croatia? If so, why did you decide to do so? Are you already negotiating with the companies interested on the matter?
We are still evaluating what is going to be done because there was a change in the regulatory frame and, as we all know, the macroeconomic situation in the zone is affected.
We currently have a smaller operation and the sale is just one of the alternatives.

In which markets does the company seek to target?
In recent times we have focused in the opportunities that have aroused in Chile, on top of a recent investment in Mendoza, Argentina, which is a very interesting market with local operations. In fact, we have recently bought a new casino in Rinconada de los Andes, near Santiago de Chile, which brings us great growth perspectives, synergies and economies of scale for our chain, that already has eight casino licenses in Chile and one in Argentina.

How do you see the current situation of casinos in Latin America and other important markets?
In Latin America there are different realities that have to do with different regulatory frames and business models, with regards to the development and maturity of the industry and the growth of each country. We think that a solid regulatory frame is crucial for the tidy development of the industry and the boost of investments. In that sense, Chile is showing that it is a good model. In terms of perspectives, the Asia Pacific region should register the best growing taxes, followed by Latin America. The US casino industry has been recovering, however, it is a more mature market and so it has a more delimitated growth.

Which are the main goals of Enjoy in the short term?
To maximize the profitability of the investments performed, as well as to obtain the best sinergies and economies of scale of the Enjoy chain that we have developed. We are specifically working to achieve that Rinconada de Los Andes can be the best and most successful casino in Chile and to take advantage of the important growth potential of the new markets in which we operate.

Are you planning to sale or acquire new operations? In which markets?
It is a very dynamic and growing industry, and besides, we have a proven and successful business model with capacity to grow, so, as a policy of the company, we are attentive to the new opportunities that may arise. However, we are now concentrated in the consolidation of recent investments.

Which is the balance of the first months of 2010?
The first two months, corresponding to the holiday period in Chile, were very positive for  Enjoy. We had an important growth both in sales and in affluence of public. After the earthquake last February 27, and from that date on until middle of March, there was a decrease in the number of visits to our casinos, but then, the situation restored to normal quicky. So, despite the situation, Enjoy obtained a 8.7% increment in incomes and utilities to us$ 3,700,000 in the first quarter of the year. The perspectives for the rest of the year are also favourable in all the business lines: casino, hotel and foods and beverages, due to an important investment plan performed in the 2006-2009 period.