Sun Dreams was created in 2016 when Sun International entered into a joint venture with Chilean casino operator Dreams. Sun International will use the proceeds of the sale to pay existing debt obligations relating to its other businesses in Latin America, as well as to fund its operations in South Africa. Sun International’s sale follows a series of recent challenges for the casino business, with Sun Dreams having faced financial uncertainty amid the Covid-19 pandemic. The case was expected to go to arbitration in 2021, but the latest development has settled the dispute. ISP had approached Sun International with an offer to purchase a 50% stake in the casino, but Sun International denied those claims. The purchase puts an end to a dispute between the two parties, in which the South African hospitality group had filed an arbitration claim against ISP in January, arguing that the Chilean company had failed to make a $85 million payment for its previously announced acquisition of a 15% share in casino business Sun Dreams, according to Chilean law firm Carey, which acted as local counsel to Sun International. Sun Dreams is the largest casino operator in Chile, while ISP is a family-owned investment company.
