DOM 24 DE ENERO DE 2021 - 18:13hs.
Chile

Enjoy registers a loss of US$13.3m affected by COVID-19 closures and social unrest

Chilean casino group Enjoy has pitched the cost of the coronavirus pandemic at US$11.37m on its first quarter revenue. By the end of April, the company had entered into a judicial reorganization process in the Chilean courts, as it looked to avoid bankruptcy due to the complex financial situation it is undergoing as a result of the effects of the 2019 social outbreak, and then the current health crisis.

Enjoy reported a loss of US$13.3m in the first three months of the year, compared to earnings of US$9.8m in the same period last year. The biggest impact was felt at Casino Rinconada, the closest to Santiago, where the impact was believed to be US$ 973m.

In terms of its judicial reorganisation, which was released just over a month ago, Enjoy said that the decision was made “based on the current financial situation of the company, the expected flows for the coming months and the payment situation with the company’s creditors. One of the reasons that justify this measure it is the situation of the COVID-19 pandemic, as a result of which the Superintendency of Gambling Casinos instructed the closure of casinos.”

The group also commented on the difficult progress in the works of the projects associated with the operating permits awarded, which have been affected by the advance of COVID-19.

“The deadlines required for the start of operations of gaming casinos and comprehensive projects have been made, taking into account the circumstances that we have suffered since the month of October 2019 and on the occasion of the health emergency due to the COVID-19 coronavirus, mean we are totally unable to comply with the execution of the committed works. That has been pulverized by reality.”

Source: GMB