Chile’s Enjoy saga has produced a new chapter, with one group of the company’s former creditors now taking legal action against another after the restructuring process left them controlling different parts of the former operator’s assets.
Inmobiliaria Peñuelas SpA, linked to Enjoy’s international creditors, filed the lawsuit against Casino de la Bahía, the company that runs the Hotel and Casino de Coquimbo in the Peñuelas resort and is now controlled by Enjoy’s national creditors, operating under the Casinos de Chile umbrella.
The dispute follows Enjoy’s two judicial reorganisations, first during the pandemic and again in 2024, which split the company’s assets between the two creditor groups.
Background: how Enjoy’s assets were divided
Under the 2024 restructuring agreement, international creditors took ownership of the real estate assets in Punta del Este, Uruguay, Coquimbo, Pucón and Castro, while national creditors, now organised as Casinos de Chile, assumed control of the casino operations in Coquimbo, Viña del Mar and Pucón. Enjoy itself retained only the San Antonio and Los Ángeles casinos in Chile, along with its brand.
The Punta del Este hotel and casino was later sold for around US$160 million, helping to pay down part of a US$300 million international bond issued in 2017. The Coquimbo and Pucón operations, which were pledged as collateral, remain earmarked for sale to cover the remaining US$117 million owed to international noteholders, while a local bond of about CLP47 billion (US$47 million) is also part of the restructuring deal.
The rent dispute in figures
According to the lawsuit, Inmobiliaria Peñuelas and Casino de la Bahía signed a lease agreement in December 2024 for the Coquimbo property where the hotel and casino operate.
After an initial payment delay, the parties executed a second agreement in which the tenant acknowledged an outstanding rent debt of UF45,983, approximately US$1.9 million, and committed to repay it in instalments.
Of that amount, Inmobiliaria Peñuelas says UF6,708, around US$270,000, remains unpaid, corresponding to the final two instalments. The settlement included a clause stating that if Casino de la Bahía fell behind on rent again, the entire outstanding balance would become immediately due.
The plaintiff alleges that the condition was triggered when Casino de la Bahía stopped paying rent from May 2026 onwards. Unpaid rent from May to the formal notice in July totalled UF56,500, approximately US$2 million.
Forced liquidation request
Based on these alleged breaches, Inmobiliaria Peñuelas is seeking the court-ordered forced liquidation of Casino de la Bahía, the entity operating the Coquimbo casino on behalf of the national creditors.
The case brings the two creditor groups into direct conflict, with the international creditors controlling the Coquimbo real estate and the national creditors controlling the casino operation.
The national creditors, organised as Casinos de Chile and backed by institutions including Avla Seguros, WEG Capital and BTG Pactual, took control of the Coquimbo operation following Enjoy’s restructuring.
For the international creditors, the Coquimbo real estate remains an asset intended to contribute towards recovery of the outstanding US$117 million on the international notes.
The outcome of the liquidation request could affect both the future operation of the Coquimbo casino and the recovery process for the creditor groups as Enjoy’s restructuring continues.