Wednesday November 14, 2012 : CAESARS PARTNERS WITH LATIN AMERICAN CASINO OPERATOR
Fast-growth market attracts big gun's interest and forges strategic ties
Las Vegas-based Caesars Entertainment Corporation and South American casino operator Enjoy have entered into a strategic relationship in Latin America.
Enjoy will acquire 45 percent of Caesars Baluma subsidiary which owns and operates the upmarket Uruguayan Resort and Casino, Conrad Punta Del Este, for a consideration of $ 140 million while Caesars will in return become a 10 percent shareholder in Enjoy.
"Enjoy's strong regional expertise combined with Caesars' global network and operating proficiency will create a strong value proposition for customers of Punta Del Este and Enjoy's portfolio of properties," said Gary Loveman, Chairman, CEO and President of Caesars Entertainment.
"The transaction delivers excellent value to our shareholders, including a retained interest in the future growth of Conrad and an ownership position in one of Latin America's leading casino operators. This transaction increases Caesars' distribution in Latin America and provides us greater exposure to this fast growing market."
The two Companies will undertake joint marketing and player development initiatives increasing each other's distribution capacity and is a shrewd move on Caesars part as it expands its presence in a region where the internet has become more accessible to the emerging middle class.