Casino operator Enjoy has finalized the sale of its most significant international asset, the Punta del Este complex, to the Brazilian holding company JHSF Península. The deal involves the transfer of 100% of the shares of Baluma S.A., the entity that owns and operates the Uruguayan complex.
In a material fact report filed with the Commission for the Financial Market (CMF), the company detailed that its subsidiaries, Inversiones Enjoy SpA and Enjoy Consultora SpA, signed a share purchase agreement (SPA) on April 10.
While the official document does not disclose the final transaction amount, sources close to the deal estimated the value at $160 million.
Judicial Reorganization and Historical Context
The transaction is being carried out in compliance with the company's judicial reorganization agreement, currently pending in the 8th Civil Court of Santiago. The intent to enter into the contract was reported to and approved by the Creditors' Committee, representing international bondholders with maturities through 2027.
Currently, the selling entities are under the control of these bondholders, who hold the authority over the sale of Baluma S.A. as stipulated in the existing judicial agreement.
The exit from Uruguay marks the end of an era that began in 2013. That year, the Chilean firm entered as the operating partner of the then-Hotel Casino Conrad, acquiring a 45% stake for $140 million.
In 2017, the group completed the purchase of the remaining 55% for $198 million. This total investment, which exceeded $300 million, is cited as the factor that destabilized the chain's finances, precipitating the company's crisis.
Other interested parties also participated in the sale process. Initially, Uruguayan businessman Edgardo Novick and Italian Giuseppe Cipriani were listed as potential buyers.
According to reports from the Uruguayan press, Cipriani's bid was reportedly around $160 million, a figure that aligns with the final closing of the deal.
The Punta del Este complex features 292 rooms, 550 slot machines, and 75 gaming tables. The resort also offers seven restaurants, a spa, and event spaces with a capacity for 5,000 people.
The infrastructure includes the OVO Nightclub and the OVO Beach club on Mansa Beach, which offers dining and entertainment services.
