Sun Dreams has announced the acquisition of Thunderbird Resorts’ Peruvian gaming portfolio, in a deal worth $26m.
The Chilean operator, part of Sun International, completed the purchase through its own Peruvian subsidiary in early April, which includes Thunderbird’s flagship property Fiesta de Miraflores in the country’s capital Lima.
“The purchase is part of Sun Dreams SA’s international expansion plans,” said general manager Jaime Wilhelm. “[It] is expected to have a positive impact on the company’s results due to the incorporation of assets that generated revenues in the last 12 months of approximately $19.6m.”
The deal includes approximately 7,000 sq m of floor space across four casinos, with the Fiesta de Miraflores currently offering 680 gaming machines, and the three other venues in Lima, Tacna and Cusco adding 560 gaming positions to the total.
The agreement follows an announcement in October by Thunderbird Resorts that Sun Dreams SA would acquire the properties by January of this year through a share purchase agreement.
South Africa-based Sun International outlined that the deal was classified as a Category Two transaction by the Johannesburg Stock Exchange, which meant it required no shareholder approval, however, regulatory approval from Peru’s gambling board delayed full completion of the sale.
“The decision is an example that reaffirms our commitment to continue to consolidate and invest in Peru, a country that has developed a competitive and transparent gaming industry with a stable regulatory framework,” added Martin Davila, general manager of Sun Dreams Peru.