Negotiations that would see the company responsible for the Casino Marina del Sol facility acquired around a 50% stake in the Sun Dreams SA firm have been definitely terminated. According to one report released by G3Newswire several days ago, the Sun Dream SA venture was founded back in 2015 via a business partnership between South American casino operator Dreams SA and South African Sun International Limited.
Since its inception, the joint venture has opened facilities in Panama, Peru, Columbia, and Chile. Revealed by the same news outlet, the Johannesburg-based Sun International Limited company holds around 64.94% stake in the Sun Dreams SA venue that is today the biggest casino company in Latin America. The company had been very much engaged in talks about possibly offloading a great portion of its shareholding in the company to the company responsible for the Casino Marina del Sol venue. However, the pair decided to suspend these negotiations back in November last year.
Sun International Limited
At the time, Sol Kerzner and South African Breweries joined forces and Sun International Limited was founded. Back 1983, the company operated thirty-five hotels which generated a massive income of $35 million. Later on, South African Breweries decided to split its interests into two ventures including Sun International and Southern Sun. The Sun International entity remained responsible for all of the hotel and casino facilities located in regions of South African independent homelands. Southern Sun retained the remaining hotels and casinos in South African while focusing more on the growing hotel market.
Today, the Sun International Limited company is responsible for luxury hotel and casino resorts across twenty destinations in four countries including The Federal Palace Hotel in Nigeria, the Lugogo Sun and Royal Swazi Spa venues in Swaziland, and twelve facilities located in South Africa including the Time Square Casino, Wild Coast Sun, The Boardwalk Casino and Entertainment World, Carnival City Casino and Entertainment World, Flamingo Casino, Naledi Sun, Sun City, and Meropa Casino and Entertainment World venues.
Negotiations Terminated in November
As previously mentioned, the Sun International Limited company is a resort casino and hotel chain venture originating from South Africa founded by So Kerzner who is best known for its luxurious Sun City Resort located in Rustenburg. The company specializes in entertainment, hospitality, and gaming and today it owns around 42.5% of the entire South African hotel and casino market. The company has been present in the industry since 1967 when it was established.
According to the G3Newswire outlet, the two companies suspended negotiations definitely back in November last year after not being able to reach any kind of agreement. It was reported that the two companies were not able to agree on certain points that were necessary in order to complete the transaction. In its post, the news outlet cited the El Mercurio and La Tercera local news outlet reports that the firms had not been able to exchange the documents which were mandatory to carry out tributary, legal and due diligence processes.
According to the reports, Sun International ltd made delays regarding the transactions related to Nueva Inversiones Pacifico Sur Limitada. The company made a statement for the press announcing that they will keep engaging in talks with Nueva Inversions regarding a proposed deal that would see them acquire 14.94% of the Sun Dreams SA.