Conrad Punta del Este Gambles On Multi-Million Dollar Renovation

Patrick Archer foreign investment, hotels & casinos, lifestyle, real estate, tourism, uruguay, us companies

The best known casino in the Southern Cone is embarking on a US$20 million renovation in hopes of luring more high rollers from other corners of South America now that the economy is slowing, inflation is rising and the real is weakening in Brazil.

Chile’s Enjoy acquired a 45% stake in the Conrad Resort & Casino Punta del Este late last year, and now the hotel is undergoing a massive renovation of the 294-key property which will turn sixteen this November.

According to InfoNegocios, over US$20 million has already been invested in expanding the square footage of the casino, reconfiguring the layout of games on the casino floor, adding a second entrance, and putting in a new nightclub and interactive lounge with video games.

Enjoy senior management recently announced their long-term strategic plan for the high-profile casino which looks to become less dependent on a.) seasonal business and b.) Brazilians. Toward that end, the hotel will open sales offices in two of Latin America’s hottest markets: Colombia and Peru.

Enjoy should assume complete control of the Conrad within three years by exercising its option to purchase the 55% stake currently owned by Caesars Entertainment. Company officials rejected any rumors regarding potential interest in getting involved with the new Sofitel Hotel & Casino in Carrasco. (Full Story in Spanish)

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