Sun International bulks up South America presence with new Peru deal
The agreement with Thunderbird Resorts and Casinos Peruanos will see the JSE-listed hotel and gaming group acquire 100 percent of various Peruvian companies that operate four gambling operations in the South American country for R352.82 million (USD 26.5m), including the Fiesta Casino in the capital city of Lima.
The deal would be made through Sun’s subsidiary Sun Dreams SA –which already handles operations in Peru, Colombia, Chile and Panama–, also including $10 million for the immovable property on which the Fiesta Casino sits.
The deal would be settled in cash, utilizing Sun Dreams’ cash reserves with the acquisition remaining subject to regulatory approvals in Peru.
The book net asset value of the assets as of June 30 amounted to $9.1 million. In the six months ending June 30, the assets also generated after-tax profit of $768000 including finance charges of $289000 on earnings of $4.2m
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