Unlike GVC, Thunderbird Resorts does not want to continue growing. GVC has merged with several companies of late, growing their products and revenue, while still maintaining assets. It seems Thunderbird Resorts is not thinking of becoming bigger and more impressive. Instead, the company announced a major change that involves Sun Dreams SA.
Sun Dreams is a South African Casino company under the name Sun International and Chile’s Dreams SA. The conglomerate is the owner of four casinos in Peru.
Thunderbird Resorts is the fourth casino for the company. The deal was talked about back in October 2017, but it took until this third full week of April for sale to become final.
The sale is not the most expensive ever made regarding the casino industry, but it was decent. The corporation sold for $26 million in cash.
The Four Casinos
Sun Dreams SA owns Fiesta Hotel and Casino in Lima. They also have Luxor Casino Lima and Luxor Casino Tacna. According to the two companies, the deal was supposed to be final in January; however, regulation issues arose affecting the last transaction until now.
Sun Dreams General Manager, Jaime Wilhelm, stated the purchase is part of expansion plans, and they believe there will be a significant, positive impact on the company’s assets and revenue. They have also seen an increase in revenue with a change to incorporating and from other expansion methods. The income is about $19.6 million. They have also spent a bit on getting licenses renewed.
Thunderbird was part of International Thunderbird Gaming Corp, established in 1994. The company first provided equipment and expertise to Native American casinos. They opened their first casino in Guatemala City in 1997. They followed that with four casinos in Panama with a twenty-year contract to operate them.
The company expanded throughout South and Central America, changing the name to Thunderbird Resorts in 2005. The company is not leaving the gambling industry, but they are leaving Peru’s Thunderbird Resorts. They are going to have a mixed-use 19 story tower in Lima, which is mostly office space, with 158 underground garage spaces for parking. Their 2017 financial report is due out by the end of April, and this may offer more insight into their current move to sell the casino.