Enjoy’s Acquisition of the remaining 55% of the Conrad Punta del Este Resort


Guyer & Regules advised on the deal

Enjoy S.A., the leading casino operator in Chile, announced that having received requisite regulatory approvals, it has completed its acquisition of 45% of the stock of the Conrad Punta Del Este Resort and Casino. The Chilean corporation will now assume management control of the resort & casino in Punta del Este, Uruguay.

Enjoy financed the US$139.5 million acquisition primarily through a capital increase made earlier this year, as well as the issuance of a 4.5% equity stake in Enjoy to Caesars. Caesars acquired this 4.5% equity stake, which is less that the originally agreed equity stake (10%), to facilitate an expeditious closing to the transaction. Enjoy will have the option to acquire the remaining 55% stake in Baluma S.A., the Caesars subsidiary which owns and operates the Conrad Punta Del Este Resort and Casino, between years three and five of the relationship.

Under the terms of the transaction, Caesars has the right to nominate one member to Enjoy’s expanded board of directors, and has selected Tom Jenkin, Global President of Destination Markets for Caesars and a 38-year gaming industry veteran. Additionally, through the strategic relationship agreement between Enjoy and Caesars, Conrad, Enjoy and Caesars expect that customers will enjoy enhanced benefits and entertainment opportunities throughout South America and Caesars world-wide portfolio of casino resorts.

Guyer & Regules advised Enjoy S.A. with a team including Nicolás Piaggio (Picture), María Noel Riotorto, Cecilia Rodríguez, Soledad Lapido and Ximena Linares.

Involved fees earner: Nicolás Piaggio – Guyer & Regules; María Noel Riotorto – Guyer & Regules; Cecilia Rodríguez – Guyer & Regules; Soledad Lapido – Guyer & Regules; Ximena Linares – Guyer & Regules;

Law Firms: Guyer & Regules;

Clients: Enjoy Group;

Avatar

Author: Ambrogio Visconti.