Three tycoons eye Puerto Madero casino tender amidst union strike
After the court ruling that left the concession in limbo, the Buenos Aires government is speeding up the bidding process. Achával, Benedicto, and Lao Hernández are emerging as the candidates, but the conflict with SOMU over 300 layoffs threatens the operation.
The Floating Casino of Puerto Madero is sailing, perhaps for the first time in its history, without a fixed course and amid a storm. What was once the jewel of gaming revenue in Buenos Aires is now trapped in a legal and operational limbo that demands an urgent resolution from the City Lottery (LOTBA).
The situation became unsustainable in March 2025, when the National Supreme Court of Justice declared the extensions that kept alive a concession originally expired in 2019 to be arbitrary. Without the protection of precautionary measures, the Buenos Aires government discarded the idea of nationalizing the operation and decided that the path forward is a new competitive public tender to recover the fiscal cash flow.
The battle of the three giants
With the business at stake, three heavyweights of the industry are already moving their pieces in official offices to secure the operation.
The first on the list is the Spaniard Manuel Lao Hernández, a historic figure of Cirsa and an expert in the field, who seeks to maintain his influence in the UTE currently operating the ship. Opposite him are two local competitors of enormous weight: Federico de Achával, the strongman of the Palermo Hippodrome (HAPSA) and partner of the successful BetWarrior platform; and Ricardo Benedicto, head of Inverclub and undisputed leader of Casino Club.
Although meetings with the Buenos Aires Executive are constant, there is still no clear outcome. The City is looking for an operator who guarantees investments and modernization to transform the casino into a sustainable tourist asset, beyond pure and hard gambling.
Crossfire with the unions
While the businessmen discuss the future contract, the present is chaotic. The work environment on the ships is extremely tense. Of the 3,500 employees the complex has, the most acute conflict is led by the United Maritime Workers Union (SOMU), headed by Raúl Durdos.
The technical reason is that, being on the water, part of the staff is governed by maritime agreements. The union has reported more than 300 layoffs and has already activated a plan of action that includes service interruptions and the blockade of high-stakes VIP betting lounges. The threat of an indefinite strike is on the table, adding pressure to an administration that needs to solve the legal equation before social conflict sinks the profitability of the business.
Tags: Argentina, Casino Puerto Madero, Buenos Aires Casinos