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Sun Dreams' bid for Iquique includes a casino of slot machines and 24 tables, a hotel of rooms and three food and beverage outlets.


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The fishing group reported a rise in operating profit as steady demand for products like Lucky Star canned fish made up for weakness in the US. The two companies have been unable to agree on an arbitrator to decide whether a material adverse change has occurred due to Covid The banking group says full-year earnings will decline as it accounts for an expected increase in credit impairments. The construction of the new property is expected to be finalised in two years and for the time being, Sun Dreams will operate under the existing licence. Research Ingham Analytics. Sign Up to InceConnect. Submit Close.{/INSERTKEYS}{/PARAGRAPH} Stories you haven't read yet Grenada strikes a chord with SA investors seeking secondary citizenship. Although it met the minimum bid requirements for Puerto Varas, Enjoy submitted offers which would not have delivered acceptable rates of return as required by the boards of Sun Dreams and Sun International. Its Sun Dreams subsidiary in Latin America submitted bids for the Iquique and Puerto Varas licences it currently holds but was only successful in renewing the Iquique licence for another 15 years. Publication Queries. Cell No:. Contact Sales. Office No:. Published Date: Source: Stephen Gunnion Author: Stephen Gunnion The competing bidder for the licence submitted a higher economic offer which wouldn't have delivered acceptable returns Sun International says it lost one of its two municipal gaming licences in Chile after it was outbid when they came up for renewal. Coronavirus COVID considerations for closing commercial transactions during lockdown The uncertainty and practical challenges for parties to commercial transactions during the lockdown period necessitates careful consideration of the effects of COVID on their transaction agreements. The property fund has granted tenants most affected by Covid concessions and has deferred some rentals for up to a year. {PARAGRAPH}{INSERTKEYS}The competing bidder for the licence submitted a higher economic offer which wouldn't have delivered acceptable returns. It expects the licence to transfer at the end of the year and the Sun Dreams board will decide whether to retain the current hotel operations in Puerto Varas or dispose of the property. Sun International says the award of the licences was based on the successful applicant satisfying the minimum bid requirements and submitting the highest economic offer. Sun International loses Chile licence. The uncertainty and practical challenges for parties to commercial transactions during the lockdown period necessitates careful consideration of the effects of COVID on their transaction agreements. Competing bidder Enjoy put in a higher bid for Puerto Varas and was awarded that as well as the three other municipal licences that were awarded. Sun International says it lost one of its two municipal gaming licences in Chile after it was outbid when they came up for renewal.