SBC News Voice of the Sports Betting Industry
Grupo Enjoy has initiated a strategic review of its business, in which the South American gambling group will consider the individual sale of its casino properties.
This week, the board of Enjoy notified Chile’s Commission of Financial Markets (CMF) that it had initiated a strategic review led by Santiago-based financial advisory ASSET Chile SA.
The CMF was informed that Enjoy was “exploring the existence of interested parties to implement a possible business combination by acquiring share capital or the sale of assets”.
“Enjoy has been working on carrying out long-term strategic plans in order to resume profitability and analysing possible alternatives for a strategic transaction,” – read the firm’s statement to the CMF.
The decision follows Enjoy abandoning its planned merger with Chilean counterpart DREAMS SA in April. The deal – which took over a year to finalise – was rejected by FNE, Chile’s competitions authority, which deemed that one business could not control all casino licences in Chile and monopolise municipal arcades.
Furthermore, FNE had cited ‘antitrust concerns’ that dealmakers had colluded on certain arrangements to secure outcomes benefiting them financially.
Having accepted the FNE decision, Enjoy informed that it would focus its business in expanding within the Brazilian market, where the company expects to imminently launch an online gambling platform.
At present, Enjoy operates nine casino/hotel properties, located in its home market of Chile, Argentina and Uruguay. Following speculation, Enjoy’s management confirmed that it had plans to sell its casino venue in Punta del Este, Uruguay.
