Hotel Casino Carrasco & Spa Sees Strong Demand for Bond Offering
Carrasco Nobile, the concessionaire of the Hotel Casino Carrasco & Spa and a subsidiary of Grupo Codere, has announced the successful issuance of its bonds for USD 7 million. The offering experienced significant interest, with demand exceeding twice the amount offered, reaching USD 16.7 million.
Notably, 100% of the investors were retail investors residing in Uruguay. The placement was facilitated through multiple brokers, ensuring a liquid and decentralized secondary market.
“The investors are individuals who view the hotel as a city icon and enjoy it as such. The strong acceptance reflects the local market’s confidence in the solid business model of Carrasco Nobile,” stated Guido Parrella, CEO of Codere Uruguay.
The funds raised will be used to pay off liabilities and fund several visible investments, including:
- Renovation of slot machines
- Improvements to hotel infrastructure (rooms, facades, technology)
- Energy efficiency upgrades
- Strengthening the gastronomic offerings
Parrella emphasized that “the Hotel Carrasco is a key asset for the group and an iconic landmark for Montevideo.” In addition to enhancing the hospitality offerings, Codere will continue to develop the casino’s international VIP business and expand its presence in the corporate events and travel segment.
Parrella also highlighted Uruguay’s strategic importance to the business group, stating, “It is a country that provides enormous legal, political, and economic security. This allows us to work with a long-term vision.”
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