Cirsa Business Corporation and Casino Club have signed a global strategic agreement for the management and future development of the casino business in the key markets of Buenos Aires and Rosario. Likewise, both parties will collaborate in any future operation in Argentina that falls within the realms of gaming. In this way, Cirsa is consolidating its presence and expansion in that market.
Within the framework of this strategic alliance, Cirsa, Casino Club and Hapsa (the race course at Palermo) have signed a transitory union of companies (UTE), in which Cirsa holds 50% and hence will manage the Cirsa floating casinos in Buenos Aires. Casino Club and Hapsa for their part are committed to investing 120 million dollars to extend the business. The agreement will be supervised by an advisory committee consisting of five members, three of whom will be appointed by Cirsa which maintains ownership of all its existing properties, including licences and other assets that are managed in accordance with the UTE agreements. Casino Club was formed in Commodore Rivadavia in 1991. Since then, this company whose president is Cristóbal Lopez, has shown consistent growth year on year. At the present time it employs 1,700 people and has 12 casinos and 17 amusement machine arcades. The CIRSA Corporation, with 16,000 employees and presided over by Manuel Lao Hernández, had a turnover in the 2006 financial year of more than Euros 2,000 million and has 24 traditional casinos, 74 electronic casinos, nearly 100 Bingo halls and more than 85,000 amusement machines, which can be found in bars and casinos all around the world.
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