Canadian Bank Invests $16 Million in New Casino

17 September 2008

Clairvest Group Inc., a Canadian merchant bank, announced yesterday a $16 million investment to acquire 50 percent ownership in Plaza Sol de Los Lagos, a casino being built in Osorno, Chile. The bank will partner with Latin Gaming, an existing casino operator, to assist in the new venture.

Expected to open by the end of 2008, the casino will feature 300 slot machines and 20 table games. Chile’s government has granted it with minimum 15-year monopoly license for the city of Osorno and surrounding areas.

”This acquisition is part of Clairvest's strategy to build a substantial gaming and entertainment company in Chile,” said Jeff Parr, co-chief executive of Clairvest, in a prepared statement. ”We continue to investigate other opportunities to augment this strategy.”