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Clairvest Announces Additional Casino Investment In Chile
Toronto, Ontario (October 14, 2010) – Clairvest Group Inc. (TSX: CVG) and Clairvest Equity Partners III Limited Partnership (“CEP III”, collectively “Clairvest”) announced today the closing of an equity investment in Casino Sol Calama.
Located in the Paza Sol del Loa complex in the city of Calama, Casino Sol Calama has 392 slot machines, 21 table games and a bingo parlour, as well as a restaurant and a night club. The adjacent complex contains a hotel and a shopping center. The government of Chile has granted the casino a monopoly licence for a minimum of 15 years for the city of Calama and surrounding area.
The city of Calama is located in the heart of the Atacama Desert in northern Chile and has a permanent population of close to 150,000. The region accounts for a large portion of Chile’s copper exports and is one of the most prosperous regions in the country.
“We are pleased to expand the relationship with our partners at Casino Sol Osorno, to now include Casino Sol Calama,” said Jeff Parr, Co-Chief Executive Officer and Managing Director of Clairvest Group Inc.
As part of the transaction, Latin Gaming Chile S.A., the operator of Casino Sol Calama, repaid loans totalling US$13.8M to a holding company (“Chile Holdings”) jointly owned by Clairvest and co-investors. Chile Holdings invested US$20 million for a 50% equity stake in Casino Sol Calama and also owns a 50% equity stake in two additional Chilean casinos, Casino Marina del Sol and Latin Gaming Osorno S.A. Clairvest Group Inc. and CEP III own a 36.8%, and 37.6% interest in Chile Holdings, respectively.
Clairvest Group Inc. is a private equity management firm which invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753