The group now owns the casino premises on the ground floor of the tallest building in Panama, a number of apartments on the 65th floor and the penthouse on the 66th floor. It plans to start fitting out the 5‚800m² casino next month‚ before renaming it the Ocean Club Casino‚ and opening in September next year.
The casino licence is for a period of 20-years and is renewable‚ as long as it is part of a hotel of at least 4-stars and at least 300 rooms.
"That requirement was met by the Trump property‚" Sun International group's general manager for brand and communications‚ Mike Farr‚ said.
The building is managed by the Trump Hotel Collection and is one of nine luxury hotels in its portfolio.
The facilities will have entertainment and food and beverage offerings. The total fit-out of the casino and related facilities is expected to cost US$60m‚ making Sun International's total investment worth US$100m.
The Ocean Club Casino is the group's second venture in Latin America. It has part ownership of the Monticello casino in Chile that has been performing extremely well.
Sun International said Panama was considered an important market for its expansion into the region. While its casinos in South Africa were cash generative‚ the group's growth strategy required it to look elsewhere for expansion as there is a dearth of available casino licences in SA.
Sun International is also in the process of applying for a casino licence in Colombia‚ conditional on a long-term lease for the casino component of a new-mixed use development in Cartagena.
This development will include a 284-room 5-star Inter-Continental hotel‚ convention centre‚ shops‚ apartments and offices.
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