The future of Chile’s most iconic casino, located in Viña del Mar, remains uncertain after a recent failed bid for its operation. The city's historic venue, which has been continuously open since its founding in 1930, faced yet another setback this week when a new tender, meant to take place seven years earlier due to the previous operator’s resignation, was left unfilled. This means there is currently no interested party willing to manage the casino, raising concerns over its long-term viability. The casino had previously been operated under a concession granted by Enjoy, which won the contract in June 2018 with an offer exceeding that of its main competitor, the South African-Chilean consortium Sun Dreams, by more than 18%. Enjoy proposed paying the City Garden municipality 831,123 UF annually, equivalent to nearly $34 billion in direct revenue. However, these funds are now under scrutiny following the latest failure to secure a new operator. Over the past few years, the Viña del Mar casino has endured several challenges that have significantly impacted its operations. It was forced to close for eight months during the pandemic in 2020 and functioned at reduced capacity for another year, leading to financial strain. This situation prompted two judicial reorganizations of Enjoy, the company responsible for managing the casino, to prevent bankruptcy. As a result, Enjoy had to change ownership and return the concession. In the current economic climate, the casino’s future rests in the hands of a government whose priorities lie elsewhere, though it is legally bound to act before certain deadlines. The city of Viña del Mar has included these potential revenues in its municipal budget, highlighting their importance despite the uncertainty. When Enjoy secured its last concession in 2018, the Viña del Mar complex was among the top performers in the country in terms of sales and visitor numbers. However, the situation deteriorated once the license began operating in July 2021, more than a year into the pandemic. The high annual payment of 831,000 UF to the municipality, indexed to inflation, became increasingly burdensome. With annual inflation rates reaching 7.2% in 2021 and 12.8% in 2022, the cost rose sharply, while the industry itself saw a decline in visits and sales, linked to the rise of illegal gambling through physical casinos and online betting. Enjoy’s 2024 report highlighted that in 2018, payments to the municipality represented 39.3% of its income, rising to 55.2% six years later. The company criticized such offers as unsustainable for both itself and other operators. The financial difficulties affecting all of Enjoy’s casinos led to two reorganizations, with the second one finalized in August 2024. This required the company to relinquish control of its establishments in Rinconada de los Andes, Antofagasta, Chiloé, Coquimbo, Pucón, Puerto Varas, and Viña del Mar, which were transferred to a new entity called Casinos de Chile. Casino del Mar S.A., the company operating the Viña del Mar casino-hotel, is controlled by Casinos de Chile, which holds a 99% stake. This entity is owned by Inversiones Asterix, with Francisco Ignacio Álamos Rojas holding 95.2% of its shares. He is the president and founder of the credit insurance company Avla. Enjoy retains a 4.8% stake in Casinos de Chile and a 1% stake in Casino del Mar. Following the second reorganization of Enjoy’s liabilities, Casino del Mar has shown a continuous decline in revenue. In 2023, it recorded $50.918 million, dropping to $48.613 million in 2024 and further to $45.848 million in 2025. These figures, expressed in UF, reflect ongoing financial pressures and underscore the precarious position of the iconic Viña del Mar casino.
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