Sun International has received the grant of operating a casino in Panama. Right now as such, it has already acquired some property which includes apartments and the Penthouse level on the Trump Ocean Club International Hotel and Tower amounting US$45.5 million.
The furnishing of the “Ocean Club Casino” will start next month and is expected to cost around US$60 million. The grand opening is scheduled in September 2014. The casino will consist of 600 slots and total 32 tables which are allocated between the circa 5,800 sqm casino which will be found on the ground floor and a 1,400 sqm Prive known as “The Panaviera” situated on the 66th floor Penthouse.
The casino is the group’s second project in Latin America and Panama is the strategic and key market for Sun International’s expansion and growth in the region.
The CEO Mr. Graeme Stephens in February gave a few explanations that SAfm’s Market update with Moneyweb will lower the risk for Panama investments except the other investments in new markets.
“This is comparatively lower risk compared to having build an entire space including hotels, shopping centres etc. But here we have only targeted the casino set up while the developer of the company has separately financed and built the rest of it. So, due to this there are lower risks.
“It is giving us a good chance to prove ourselves in this competitive environment. Panama is competitive compared to what we are familiar with. So, its just a slight risk entry. But the important thing among these little risks is that it is allowing us a second property in Latin America and which will probably correlate chile, increase our position in the region and take us to further good opportunities.”
