Argentina sees just one bidder enter the Necochea casino theater auction

Necochea’s former Teatro Auditórium will be auctioned with just one registered bidder: A Toda Vela Mar, which acquired the main parcels of the Complejo Casino in June for ARS 4.8bn ($3.1m).

The company registered on the final day of the application period, submitting the required documentation and deposit. The same pattern occurred ahead of the June auction, when A Toda Vela Mar was the only qualified bidder for the main casino complex.

The theater occupies a parcel of approximately 2,910 square meters, known as Parcel C, with a base price of ARS 383.8m. Participants were required to post a guarantee equivalent to 20% of that amount, or around ARS 76.76m. The auctioneer’s commission is set at 3% of the final sale price, plus social security contributions and VAT where applicable.

Under the sale terms, the successful bidder must pay 10% of the purchase price within 48 hours of the auction and a further 15% following approval of the purchase agreement. The remaining 75% must be paid in US dollars in four equal annual installments.

The theater is being sold separately from the other casino properties acquired by A Toda Vela Mar in June for ARS 4.878bn ($3.1m). That auction had originally been scheduled for February but was suspended following a court injunction. The Mar del Plata Administrative Appeals Court overturned the injunction in May, allowing the municipality to proceed with the sale the following month.

The administration of Mayor Arturo Rojas is now preparing a damages claim against the group of residents who sought the injunction, seeking to recover costs attributed to the delay.

Paula Faramiñan, the municipality’s legal and technical secretary, said the alleged losses had been documented in an administrative file nearing completion. The municipality plans to file the claim with the same court that issued the injunction. The amount sought has not been disclosed.