Punta del Este’s casino landscape may be on the verge of a historic shake-up. Italian-born developer Giuseppe Cipriani has reportedly tabled a US$160 million offer to acquire Baluma S.A., the Enjoy-owned company that operates the landmark Enjoy Punta del Este resort and casino (ex Conrad).
According to Uruguayan media, the bid was presented roughly a month ago and has triggered a full due diligence process on Baluma’s assets, debts and post-restructuring financial health. While several shareholders see the figure as “attractive”, current owners are said to value the asset closer to US$240 million, leaving a gap of around US$80 million to be bridged in negotiations.
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If Cipriani manages to close that gap, the implications for Punta del Este’s casino ecosystem would be profound. The developer is already advancing the Cipriani Ocean Resort / Cipriani Resort, Residences & Casino on the historic San Rafael site, a US$400–450 million ultra-luxury project that includes a private casino licence, five-star hotel and high-end residences marketed globally. Adding Enjoy Punta del Este to that portfolio would effectively place two of the resort town’s flagship casinos under a single operator, giving Cipriani unprecedented influence over high-end gaming and hospitality in the region.
Enjoy Punta del Este remains one of Latin America’s most recognisable casino brands, often described as the continent’s only true Las Vegas–style resort, with a strong poker calendar and events that distribute more than US$10 million in prizes annually. But the property also drags a financial “backpack”: it has come through a major debt restructuring, faces at least one multi-million-dollar lawsuit linked to alleged problem gambling, and reportedly requires US$40–50 million in fresh capex to fully modernise its offer—factors Cipriani can leverage in valuation talks.
Local reports suggest other business groups have shown interest in Baluma, yet market chatter still places Cipriani as the front-runner, backed by a clear strategic vision: integrate Enjoy’s existing customer base, infrastructure and staff into a broader luxury ecosystem anchored by the future San Rafael resort.
If the deal goes through, Punta del Este could move from a model of brand competition to something closer to portfolio management under a single global luxury operator. For Uruguay’s regulators and neighbouring markets, the key questions will be how this concentration of casino power affects competition, tax yields and the positioning of Punta del Este against regional rivals like Rio, Buenos Aires, Santiago and Lima in the race for VIP and premium gaming tourism.
