In July this year the Canadian merchant bank Clairvest Group announced details of a $90 million investment by Sonco Gaming New Brunswick Limited Partnership in a destination casino, hotel and multi-use entertainment and convention centre in New Brunswick. The four members of Sonco are Sonco Gaming, Clairvest Group, Navegante Group and Riseley Gaming. Yesterday Clairvest announced that it was making a $16 million investment on its own to acquire 50% ownership in a casino under construction in Chile.

"This acquisition is part of Clairvest's strategy to build a substantial gaming and entertainment company in Chile," said Jeff Parr, Co-CEO of Clairvest, adding "we continue to investigate other opportunities to augment this strategy." The joint venture with Latin Gaming is for the casino in Osorno, which is popular with vacationers and also a busy border crossing to Argentina. In December 2007 Clairvest acquired 50% of the casino licensed in Talcahuano.

"This rising level of investment stems from increasing confidence in the political and regulatory environment in Chile, as well as the transparency of the regulatory process," said Parr. "We look forward to maintaining long and mutually rewarding relationships with our Chilean partners, customers, suppliers and employees."

The Plaza Sol de Los Lagos Casino in Osorno is expected to open before the end of the year with 300 slot machines and 20 gaming tables. Subsequent development will include hotel, event halls, recreation facilities and retail stores. Casino Marina del Sol in Talcahuano is close to the city of Concepción, Chile’s second largest city. Plans for that complex, also expected to open this year, include a casino, hotel, entertainment theatre, restaurants and family entertainment facility. (E-09.17.08)

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