Sun International gets approval to run casino in Panama
Sun International (SUI) has received approval to operate a casino and ready to take its poker machines to Panama.
Sun International (SUI) has received approval to operate a casino in Panama‚ triggering the purchase of three floors of the 70-story mixed-use Trump Ocean Club International Hotel and Tower on a freehold basis for $45.5m.
The group now owns the casino premises on the ground floor of the tallest building in Panama‚ and a number of apartments on the 65th floor and the penthouse on floor 66. It would fit out the 5‚800m² casino‚ to be known as the Ocean Club Casino‚ next month.
The anticipated opening date was scheduled for September 2014.
The casino licence approval for a period of 20-years is renewable‚ and is based on there being a hotel of at least 4-stars attached to the property‚ which must have at least 300 rooms.
“That requirement was met by the Trump property‚” Sun International group GM for brand and communications‚ Mike Farr‚ said on Thursday.
The building is managed by the Trump Hotel Collection‚ and is one of nine luxury hotels in its portfolio.
The facilities will have entertainment‚ and food and beverage offerings. The total fit-out of the casino and related facilities is expected to cost $60m‚ making it a $100m investment in total.
The Ocean Club Casino is the group’s second venture in Latin America. It has part ownership of the Monticello casino in Chile that has been performing extremely well.
Sun International said Panama was considered an important market for its expansion into the region. While its casinos in South Africa were cash generative‚ the group’s growth strategy required it to look elsewhere‚ due to the lack of casino licences in SA.
Sun International is also in the process of applying for a casino licence in Colombia‚ conditional to a long-term lease for the casino component of a new-mixed use development in Cartagena.
The development will include a 284-room 5-star InterContinental hotel‚ convention centre‚ shops‚ apartments and offices.
