Sun International grows its asset base in Peru
One of Africa’s largest tourism, leisure and gaming group, Sun International Limited has recently concluded a R352.82 million deal with Thunderbird Resorts Inc. The deal is for Sun International to acquire 100% of Thunderbird’s numerous Peruvian-based companies running four gambling operations in Peru. Inclusive in the deal is immovable property of which the Fiesta Casino sits in Lima worth $10m.
Sun International and Thunderbird Resorts Deal
The casino and hotel operator mentioned that it entered the share purchase agreement with Thunderbird Resorts through its Latin American-based subsidiary Sun Dreams. This is a chance for the subsidiary to boost its presence in the Peruvian market, and to also expand its profile of assets in the area.
Sun International stated that it would use Sun Dreams’ current cash reserves to settle the acquisition payments.
The overall acquisition will be effective on or before the 31st of January 2018.
The current deal’s impact on Sun Dream’s Latin American operations
CEO of Sun International, Anthony Leeming, said the group had intentions to downscale part of Sun Dreams’ Panama operations, and close a leased property in Colombia citing that the two operations were not significant for the group’s businesses in Latam.
Leeming further mentions that the balance sheet in the region was not over-geared. However, the one in South Africa is, and the company was looking for options to address the matter.
About Sun International
Sun International is one of the leading brands in the gaming and hospitality sector and has been in operation since the late 70s. Its first entry into Latam started in Chile in 2008 – followed by operations in Colombia and Panama. In 2015, the group merged its Latin American operations with Chile-based hotel and casino operator Dreams SA.
Sun International will surely rank high with the recent Peru deal.