Valmar Group to Acquire the Entire Stake of Clairvest in Four Marina del Sol Casinos in Chile

The Chilean group Valmar announced on 9 April 2024 the acquisition of all the shares of the Canadian group Clairvest in the Chilean casino chain Marina del Sol. As reported, Valmar has agreed to acquire the entire Clairvest stake in the popular casino’s operations in four Chilean locations featuring Valmar’s presence. Under the agreement, the Chilean group and the Canadian group shall close the transaction until 15 November 2024 subject to financing and regulatory approvals.

Valmar Seeking Full Control:

According to Latercera, Valmar group operates land-based gaming facilities in Calama, Osorno, Chillán, and Talcahuano to hold around 15% of the Chilean market share. Owned and financed by the Imschenetzky family, the group looking to control these casino operations has entered a deal with Clairvest to take over the Canadian group’s stock in these casinos.

Same Political Rights in Casino Operations:

According to Clairvest’s 2022 annual report, such a stock included 50% of shares in the Marina del Sol casino facilities in Talcahuano and Chillán and around 74 % stake in the Osorno and Calama casino operations. As reported by Latercera, such a stake structure nevertheless anticipates the same political rights for shareholders in all casinos, thus causing issues that were even brought before the court for settlement.

Marina del Sol Holding Around 15% of Chilean Market Share:

As reported by the source, such actions seem to have been caused by the Marina del Sol casino chain, the third most important franchise in the Chilean casino industry, with only Dreams and Enjoy ahead. In 2023, the four locations mentioned above generated 1,133,000 visits to stand for around a 16% share of all casino visits in Chile reaching 7.1 million in the given year, according to Latarcera‘s citation of the regulator’s figures.

Reaching $12,4 Million Profit in 2023:

The gaming authority Superintendency has reportedly revealed that Marina del Sol’s four venues generated $98 million in 2023 representing almost 15% of the Chilean casino industry’s total of $660 million reached in the same year. According to the source, these revenue figures resulted in the casino chain reporting a total profit of $12,418 million and losses of $305 million in 2023. The total profit has reportedly been aggregated by the $8,840 million reached in Talcahuano, $2,040 million hit in Osorno, and $1,538 million coming from Calama. To compare, Chillán recorded a $305 million loss in the subject year.

Acquisition Deal Pending Regulatory Approval:

Latercera reports that Carey has advised the transaction for Valmar in Chile and by the Canadian Torys for Clairvest in their reports submitted to the Financial Market Commission. The report states that the acquisition deal was  “subject to certain suspensive conditions usual for this type of operations, including the applicable regulatory approvals, as well as obtaining the associated financing to the sale, which must be fulfilled within a period not exceeding November 15, 2024.“ The approval from the Superintendency authority is now pending for the parties to close the deal.

Looking for 15 November 2024 to Close All Litigation:

As reported, the authorization set to trigger the transaction will represent the end of the alliance of the two major shareholders in the popular casino chain. At the same time, the deal’s closure will reportedly close all litigation between the two parties. This is particularly good news, as the past disputes involved criminal charges, executive dismissals, labor lawsuits, and an investigation of Marina del Sol’s operations by the National Economic Prosecutor’s Office.