The Montevideo Town Council (Intendencia Municipal de Montevideo – IMM) announced the outcome of the tendering process for the Casino Carrasco Hotel, awarding the renovation of the hotel to CARRASCO NOBILE S.A., a consortium led by the CODERE Group together with the international investors, Global Partners and AGG, and the outstanding hotel operator, SOFITEL, a premium brand of the French chain ACCOR.

This 30-year concession signifies for CARRASCO NOBILE the responsibility of rebuilding this property, one of the city’s landmarks, and of opening for business the Sofitel Montevideo Casino Carrasco and Spa, a luxury hotel destined to become a tourism benchmark for the region with a top-level casino and entertainment offer on an international scale. The estimated investment totals 60 million dollars and the renovation of the Casino Carrasco is expected to take up to 20 months to complete.

The project will provide an economic boost to the area, by employing more than 250 workers directly and generating job opportunities for more than 500 indirectly. The new Casino Carrasco Hotel, with a privileged location on the Carrasco beach promenade, facing the La Plata River, close to the Carrasco International Airport and with excellent connections to Buenos Aires and Sao Paulo, will have 116 rooms, restaurants, convention rooms and spa, all set within a harmonious design developed by the Argentine studio, IAG-Arquitectos, and integrated into its immediate surroundings.

Vicente di Loreto, CODERE America’s Operations Manager, stressed that “at CODERE, we see this project as an excellent opportunity for renovating and adapting the Casino Carrasco Hotel to the highest international standards. We are aware of the enormous responsibility we have taken on, not only because of the challenge involved in the rebuilding work itself, but also in view of the More information: www.codere.com 2 heritage and historical value of the Casino Carrasco Hotel for many Uruguayans and for the city. We are not going to disappoint them.”

Also, SOFITEL’s Operations Manager for Latin America, Gilles González, is convinced that Montevideo is an important destination in Latin America, on account of its potential for growth and its stable economy, and expressed his company’s determination to work intensively on the project: “We are going to recover the soul of the Carrasco Casino Hotel. We want it to become a reference of excellence in the region for its hotel services, its exclusive casino and its special atmosphere.” The new Sofitel Montevideo Casino Carrasco and Spa will form a part of the CODERE Group’s Casino business area, which concentrates its activity in 5 casinos in Panamá and 2 in Colombia.

CODERE will apply its experience in the management of private gaming, together with the introduction of the most complete technological innovations in order to obtain optimum returns from this concession.

Source: Press release