Carey and Guyer advise on Enjoy Punta del Este sale

Carey and Guyer & Regules advised the Secured Bondholders Committee, acting as representative of the holders of international bonds issued by Enjoy, in connection with the sale of Baluma, owner of the Enjoy Punta del Este hotel and casino, for approximately USD180 million.

The transaction was carried out as part of the orderly asset sale process agreed under Enjoy’s judicial reorganisation agreement. The sale proceeds were applied to the prepayment of the company’s international bonds.

The transaction closed on July 11, 2026, and involved the United States, Uruguay and Chile.

Transaction structure

The transaction involved two financing arrangements documented through new bonds governed by New York law.

First, Moneda provided financing to Baluma to fund the cash portion of the purchase price and Baluma’s working capital requirements. The financing was documented through a USD40 million Reg S bond issued by Baluma.

Second, a portion of the purchase price was paid through the issuance of a USD115 million Reg S bond by the purchaser. The bond was made available to holders of Enjoy’s international bonds to facilitate a bond prepayment and exchange.

The transaction involved multiple jurisdictions, given that the sale process was governed by Enjoy’s reorganisation agreement, the asset sold is located in Uruguay, and both the prepaid bonds and the newly issued bonds are governed by New York law.

Legal teams

The Carey team comprised partners Salvador Valdés and Roberto Villaseca, and associates Angélica De la Carrera, María Anguita and Nicolás Díaz.

Guyer & Regules advised the Secured Bondholders Committee through partner Nicolás Piaggio, counsel María Noel Riotorto, and associates Javier Napoleone and Nicolás Stefanoli de Souza.

Independent practitioner Ronald Jewell also advised the Secured Bondholders Committee.

Barros & Errázuriz advised Enjoy S.A. through partner Sergio Eguiguren and associates Jorge Covarrubias and Rodrigo Muñoz.

Faegre Drinker Biddle & Reath advised UMB Bank, N.A., as trustee of the international bonds and the new bonds. The team comprised partner Laura Appleby and associate Kyle Kistinger.

Morales & Besa also advised Enjoy S.A. through partner Andrea Díaz and associates Juan Luis Vial and Clemente Echenique.

Posadas, Posadas & Vecino advised JHSF Peninsula through partner Fernando De Posadas and associates Martina Reyes and Luciana López.

Proskauer Rose advised Enjoy S.A. through partner Boris Dolgonos.

Ross PLLC advised Lord Securities Corporation, as guarantor agent for the international bonds and the new bonds. The team comprised partner Jonathan Ross and associate Sabrina Pociello.

Skadden, Arps, Slate, Meagher & Flom advised JHSF Peninsula through partner Mathias von Bernuth and counsels Lauren Bennett and Alejandro Ascencio.

Financial advisers

Asset Chile acted as financial adviser to Baluma, while Itaú acted as financial adviser to JHSF Peninsula.

La Tercera reported on the new owner’s growth plans for Enjoy Punta del Este following the closing of the acquisition. Focus Gaming News Latinoamérica, meanwhile, reported the confirmation of the sale of Enjoy Punta del Este to Brazilian group JHSF, placing the value of the transaction at USD160 million.