Silver Entertainment LLC Acquires Veneto Hotel & Casino in Panama City
Silver Entertainment, LLC (SE), a new hospitality and gaming company established in March by New York-based developer, The Andalex Group, acquired Veneto Hotel & Casino in Panama this week. SE’s gaming license application in Panama was deemed complete earlier this year and the Veneto acquisition is SE’s first venture in Latin America.
The selling party was the partnership of Moses Haskey, Alberto Daniel Btesh and Abraham Btesh. Full management of the property is expected to be transferred this month. The Veneto Hotel & Casino, built in 2005, is currently the most modern casino in Panama and Latin America and offers 301 guest rooms and 45,000 square feet of state of the art gaming space.
The property which will be re-branded as “Veneto - A Wyndham Grand Hotel Veneto Casino” is located on Via Veneto, just 20 minutes away from Panama’s Tocumen International Airport (PTY) in the heart of the financial and banking center.
Wyndham Grand Collection is the pinnacle brand in the Wyndham family. Each Wyndham Grand Hotel offers a unique, five-star experience while capturing the local flavor of the destination where it is located.
Current casino features include 625 slot machines with ticket in/ticket out (TITO) technology allowing guests to freely move around the casino, over 42 table games with the biggest Poker Room in Panama at 100-seats, Special Baccarat room and, a full service Race and Sports Cafe area. Renovations are planned to two executive floors of the property.
SE continues to focus on the acquisition and development of casino gaming and resort operations in Latin America, the Caribbean and United States. The company will continue to concentrate on the acquisition of existing licensed going concerns in regulated gaming jurisdictions.
Both the government and private enterprises in Panama operate casinos and other forms of gaming. The country boasts a thriving gaming industry with Panama City as host city to the most number of casinos in Latin America, well visited by both locals and tourists.
