Cipriani Group and developer Edgardo Novick have emerged as potential buyers of the Conrad Punta del Este casino, an asset being divested by bondholders of Chilean gaming operator Enjoy as part of its 2024 judicial reorganization process.
According to sources familiar with the negotiations, Cipriani has submitted an offer of approximately $160m for the complex. Bondholders, organized under Chilean asset manager Moneda Patria, are reportedly seeking closer to $200m to minimize losses on the debt associated with the property.
Novick, a Uruguayan businessman with investments in hospitality, retail and commercial real estate, is also said to be evaluating the asset. The identity of the final buyer will depend not only on price, but also on regulatory and operational considerations.
One potential hurdle involves market concentration. Cipriani is already developing the former Hotel San Rafael in Punta del Este, a project that includes a casino and event center scheduled to open later this year.
A successful bid could therefore raise antitrust scrutiny given the group’s existing footprint in the same resort market.
Another factor influencing the sale is a labor stability agreement guaranteeing job continuity for current employees through 2028, which may limit restructuring flexibility for any incoming owner.
Enjoy acquired the Conrad in stages between 2012 and 2017, financing the final purchase through a US bond issuance that is now central to the creditor-driven divestment process.
The Conrad Punta del Este is operated under a long-term concession from Uruguay’s Government, making regulatory approval a key step in any ownership transfer and adding another layer of oversight to the creditor-led sale process
