By BBBB
Sun International considers this to be the premier casino opportunity in Chile.
The involvement of Sun International is subject to the country’s regulator, the Superintendencia de Casinos de Juego (SCJ), approving an application which will be made shortly.
The processing of the application will entail the completion of standard probity investigations by the SCJ that are anticipated to be completed within the next few months. Should Sun involvement be approved, the company will acquire equity in San Francisco Investment SA for a yet to be disclosed amount and will benefit from long term management and consultancy agreements.
The casino will enjoy a 70 km exclusivity zone, drawing its customers primarily from the cities of Rancagua and Santiago with a total population in excess of 6 million. It is projected that the property will have 1,500 slot machines, 80 tables and
300 bingo positions.
It will also have hotel, conference and sports facilities, as well as an amphitheatre, retail, tourist information centre, entertainment amenities for families and a variety of bar and restaurant outlets. This project is consistent with Sun International’s global expansion strategy.
Chile is considered by the group as a country with a stable and progressive government, strong economic prospects and good tourism and investment potential. The country has recently introduced a new gambling dispensation and is considered internationally to be a well regulated jurisdiction with a highly regarded legislative framework. The greater Santiago area is the industrial and financial centre of Chile, and accounts for 45% of the country’s GDP.
It is anticipated that construction would commence shortly with the casino component of the complex scheduled to open mid 2008.
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