aesars acquired a 4.5% stake of Enjoy, less than originally percentage agreed (10%), in order to facilitate more expeditious transaction closing.
Enjoy financed the acquisition amount of us$ 139.5 million mainly through a capital increase carried out earlier this year, as well as through Caesars acquisition of 4.5% Enjoy sharing.
Enjoy will have the option to acquire the remaining 55% owned by Baluma SA, a subsidiary of Caesars that owns and operates Conrad Punta del Este, between three and five years from now.
Under the terms of the transaction, Caesars will appoint Tom Jenkin, President of Destination Markets Global Caesars, as an Enjoy Board member. He has 38 years of experience in the gaming industry.
Additionally, under a strategic partnership agreement between Enjoy and Caesars, Conrad, Enjoy and Caesars expect their customers to enjoy better benefits and entertainment opportunities throughout South America and the global portfolio of Caesars casino resorts.
Enjoy’s General Manager, Javier Martinez, said that "Caesars participation in Enjoy allows both chains to enhance their business strategies by offering new alternatives to customers, boosting tourism and creating value. Caesars interest in working with Enjoy achieving these goals is reflected in its decision to appoint a manager of the level and experience of Tom Jenkin."
Enjoy’s CEO said: "With this transaction, Enjoy closes an international expansion crucial stage and opened a period which will primarily focus on enhancing Conrad and the excelent investments in Chile and Argentina."
Tom Jenkin said that "Enjoy’s great regional expertise, combined with global coverage and operational quality of Caesars, will further strengthen the value for customers of both companies."
Enjoy S.A is the leading casino operator in Chile, with a successful track record of 35 years. The company operates a chain of eight casinos (seven in Chile and one in Mendoza, Argentina), with 5,718 slot machines, 265 table games, 45 points of sale of food and beverages, and over 1,000 bingo seats. Along with the listed casinos, Enjoy has six hotels with a total of 835 rooms.