Hotels and gaming group Sun International (SUI)has entered into an agreement with Newland International Properties‚ Corp‚ the promoter and developer of the Trump Ocean Club International Hotel and Tower in Panama City‚ Panama.
In terms of the agreement‚ Sun International will acquire on a freehold basis the casino component of the development‚ the Penthouse level - to be used as a Salon Prive - certain apartments in the building to cater for top end guests and the rights that the building has to apply for a casino licence‚ it said on Thursday.
The company will acquire the various components for a consideration of US$45.5 million‚ subject to approval of its casino licence‚ whereafter it will fit out the casino and related facilities at an estimated cost of US$60 million over an approximate nine month period.
The Trump Ocean Club opened in July 2011 and is a landmark 70 floor sail shaped building - the tallest in Latin America. It is situated in Punta Pacifica a very affluent area of Panama City.
In addition to the casino the mixed use building‚ has 369 hotel rooms‚ 635 condominium units‚ offices‚ restaurants‚ retail shops‚ spa‚ gym‚ pool deck‚ meeting and event spaces‚ and a business center.
It is managed by the Trump Hotel Collection and the hotel is one of 9 luxury hotels that form part of the collection.
The group is planning to fit out and equip the casino with approximately 600 slots and 32 tables allocated between the 5‚800 sqm casino component located on the ground floor and a 1‚400 sqm Prive situated on the top floor overlooking the canal and the city. Both facilities will have entertainment and food and beverage offerings.
The licencing process is expected to take six months and will entail the completion of standard probity investigations by the regulator.
The group said the opportunity is in line with its strategic intent to focus on the Latam region and build on its track record in Chile. - I-Net Bridge