Blackstone & Codere eye Televisa Play City MX quick sale

Mexican media and entertainment group Televisa has confirmed that its seeks to sell its entire gambling portfolio, operating under the ‘Play City Casino’ and ‘Play City Apuestas’ brands.

Televisa currently operates a total of 17 Play City casino/betting establishments across Mexico, having been one of the few companies granted a land-based gambling license by the Vicente Fox government in 2005.

Mexican news source Reforma details that Televisa’s new leadership team of Alfonso de Angoitia (CEO) and Bernardo Gómez Martínez (Group President) aim for a ‘quick sale’ of Play City assets.

Angoitia and Gómez Martínez are reported to have implemented a sale of non-core Televisa subsidiaries, seeking to raise capital for the firm’s media enterprise.

In its news report, Reforma details that Televisa targets a sale of approximately US $300 million for Play City assets, seeking to close its gambling enterprise within 90 days of agreeing a transaction.

Spanish industry news source InfoPlay, has reported that Bolsa-Madrid gambling group Codere and US multi-national private equity firm Blackstone are eyeing the opportunity.

Codere governance seeks to expand the market leading position of its Mexican gambling subsidiary Grupo Caliente. Whilst Blackstone, which has significantly increased its investment in Spanish-language gambling assets, seeks to support the growth of its newly acquired CIRSA enterprise within LATAM markets.

This July, Spanish news sources reported that Blackstone executives were eyeing a potential but tricky buy-out of Codere, seeking to create the world’s largest Spanish-language gambling enterprise.

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