SAT auctions Hipódromo de las Américas and 65 casinos
Mexico's Tax Administration Service announced it will auction 82.6 percent of the shares of the company that controls the Hipódromo de las Américas complex and a permit for 65 casinos. The decision is part of the agency's process to recover tax debts from Impulsora de Centros de Entretenimiento de las Américas, a company in which Codere holds an 84.8 percent stake. The auction includes the racetrack and the operation of the 65 casinos, although for now it does not imply the closure of the establishments or the individual sale of each one.
The shares, valued at 1.168 billion pesos, or about 67.4 million dollars, will be auctioned between August 11 and 18, with a minimum bid sum to participate amounting to 800 million pesos. So far, it has not been announced who will participate or who might acquire them. The procedure involves the sale of seized company shares and not the direct and separate auction of the buildings, casinos, or facilities.
According to reports, the agency intends to sell 97.6 percent of the shares belonging to Codere, an amount equivalent to approximately 82.6 percent of the company's total capital. The process includes an auction to sell 50.8 percent of those shares, valued at 625 million pesos, with a minimum bid of 417 million, while in another 93 auctions, 46.7 percent will be sold with minimum bids ranging from 6,667 pesos to 10 million, as reported by the newspaper Reforma. In practical terms, whoever acquires a sufficient stake could gain influence or control over the company linked to the operation of the complex, subject to the corresponding corporate, tax, and regulatory rules.
Tags: Tax Administration Service, Hipódromo de las Américas, Codere, ICELA