Veneto Hotel and Casino in Panama City, Panama. - Business Wire

Silver Entertainment (SE), a new hospitality and gaming company established in March by the Andalex Group, has announced its acquisition of the two-year-old Veneto Hotel and Casino in Panama this week.

Andalex is a New York-based developer and real estate investment company operational since 1989.

SE's gaming licence application in Panama was deemed complete earlier this year, and the Veneto acquisition from the Moisés Haskey, Alberto Daniel Btesh and Abraham Btesh partnership is SE's first venture into Latin America, the company said.

Financing broker

Meridian Capital Group was broker to the financing which was led by Deutsche Bank Securities Inc.

The Veneto, which was built in 2005, is to be managed under the Wyndham brand.

The property, which covers 45,000 square feet, sports 301 rooms is to be rebranded 'Veneto - A Wyndham Grand Hotel Veneto Casino'.

"We saw the booming economy and the canal expansion as two great opportunities to enter the market in Panama," said SE's Chief Operating Officer, Alex Silverman.

"Under Silver Entertainment management, Veneto Casino will offer the only Las Vegas-style experience in all of Panama and possibly, Latin America."

The casino features 625 slot machines with ticket-in/ticket-out technology allowing guests to freely move around the casino; more than 42 table games with the biggest poker room in Panama at 100 seats, and a Baccarat room.

Taken from the Financial Gleaner, Friday June 22, 2007.