SANTIAGO, Jan 14 (Reuters) – Chilean casino operators Enjoy and Dreams have reached a merger agreement that will control 58% of the industry in Chile and a dozen operations in five other countries in the region, both companies reported last night. Thursday.
Enjoy will be the successor entity and its shareholders will have 36% of the shares of the combined company, while Dreams executives will hold the rest.
In addition to gaming casinos, the new entity will have hotels, event centers and restaurants in cities throughout Chile as well as in tourist destinations in Argentina, Uruguay, Peru, Panama and Colombia.
“The new firm will combine all the experience of both groups and a financial strength that will allow it to robustly face the new challenges that the effects of the pandemic and the development of new technologies have imposed on the gaming and entertainment industry in Latin America,” said Claudio Fischer, chairman of the Dreams board.
“The merger of Dreams and Enjoy will consolidate the leadership of a Chilean company in the casino industry in Latin America,” said Henry Comber, Enjoy’s chairman of the board.
The merger is subject to the approval of the regulatory authorities in Chile and the other countries in which it will operate, as well as by the respective extraordinary shareholders’ meetings of both companies. The deal is expected to materialize over the next 9 to 12 months, the firms said.
(Reporting by Natalia Ramos; editing by Marion Giraldo)