LAS VEGAS—Baluma Holdings S.A., a non-debtor foreign subsidiary of Caesars Entertainment Operating Company Inc. (CEOC) has sold its 55% share in Punta del Este Conrad in Uruguay to Enjoy S.A., giving Enjoy S.A. 100% ownership in the Punta del Este Conrad.
Baluma Holdings received net proceeds from the transaction of approximately $180 million after distributions to certain minority investors. Baluma Holdings received a $14.7 million deposit in February and the balance of the proceeds on May 16.
The Punta del Este property generated $21 million in EBITDA in 2016. The property’s results have been excluded from Caesars Entertainment’s financial statements since the deconsolidation of CEOC in January 2015.
Under the terms of Enjoy S.A.’s 2013 acquisition of a 45% stake in Conrad Punta del Este, Enjoy S.A. had the right to acquire the remaining shares in the property between years three and five of the relationship. This sale is the result of Enjoy S.A. exercising that right.