The acquisition process for casino operator Sun Latam SpA, known as Sun Dreams, has been completed by Nueva Inversiones Pacífico Sur Limitada. An official document was filed by the Chilean firm, controlled by Humberto and Claudio Fischer, with the Financial Market Commission (CMF) on Monday of this week.
Back in August, the two companies signed an agreement for Pacífico Sur to purchase 65 percent of Sun Dreams, which they also previously owned. They have developed that Sun Dreams is now a 100 percent Chilean company by sending the document to the CMF.
In a statement the companies said: “Both companies certified compliance with each and every one of the conditions set out in the Purchase Agreement, including the approval of the local regulator (SCJ) and other corporate authorizations from both shareholders.
“They have proceeded to sign all documents and contracts necessary to materialise this acquisition”, they added, according to La Tercera.
In making the decision to leave Sun Dreams, Anthony Leeming, CEO of Sun International, commented that a conflict with the local regulator was “a relevant factor.” In the course of bidding for the 12 casinos in Chile, the firm and the regulator disagreed.
The new licenced operators have claimed, along with the Chilean Association of Casino Gaming (ACCJ), that the bidding procedure violates previously negotiated regulations. As the regulator had promised that they would get a 15-year licence and another 15-year extension, the companies had spent more than $1.4bn, a point that was discarded by the SCJ this year in the initial call.