n a statement to Spain’s National Securities Market Commission, Codere admitted they are "analyzing potential structures for its business development in Uruguay, and one of the possibilities could involve a joint-venture with a South American operator, or the sale of a minority interest in such market."
At the same time, other sources state that instead of disposing of a minority interest, the company is in negotiations to sell to Sun Dreams, at least 50% of its casino activities in Uruguay, which are worth approximately 150 million euros (USD 163.6 M).
Sources cited by Chilean newspapers state that Codere has already received a non-binding offer from Sun Dreams, who is willing to pay approximately eight times the gross operating profit of the Uruguayan subsidiary of Codere.
The Uruguayan business of Codere reported last year operating profits of US$ 22 m. In relation to 26 betting places and two racetracks, the Spanish group runs 2,252 gaming terminals in the nation, which was first introduced in 2002.
Sun Dreams, Chile’s biggest gaming organization, has allegedly demanded a review of Uruguayan Codere’s records, with PwC ready to verify figures and assess legal hazards.