Dreams SA has achieved its objective of reducing corporate debt levels in 2024, attributed to a stringent cost control programme implemented across its South American casino and gaming properties.
Publishing a corporate update, the Chile-based gambling group disclosed that it had lowered its corporate debt to €132 million, representing an 8% reduction on FY2023 liabilities of €155 million.
The target was reached despite Dreams navigating “macroeconomic and inflationary challenges” in its home market of Chile, as well as in its gambling venues in Argentina.
Dreams reported free cash flow from business operations of €47.7 million, slightly below 2023 figures due to increased tax commitments.
While full-year results are yet to be published, Dreams indicated that it expects to achieve the third-highest EBITDA level in its history, despite the challenging economic environment.
The 2024 targets were achieved through a cost reduction programme that spanned all of its properties across Chile, Argentina, Peru, Colombia, and Panama.
In the fourth quarter, Dreams SA generated approximately €109 million in revenue, reflecting a solid performance. Casino operations contributed 79% of total quarterly revenue.
The food and beverage segment expanded its share to 12%, with year-on-year growth of 4.3%. In contrast, the hotel division saw a 10.1% revenue decline, driven by falling occupancy rates in Mendoza as Argentina’s economic crisis deepened.
Dreams also faced a strategic setback in Peru with the closure of one of its casinos during 2024. Although the company has not disclosed the specific reasons for the closure, the decision reflects a broader effort to optimise operations through portfolio adjustments in response to local market conditions. While the impact on total revenue was minimal, the exit marks a rare instance of retrenchment for the group. Nevertheless, Dreams continues to operate key sites in Lima, Cusco, and Tacna, and Peru remains a core part of its Latin American strategy.
The company also had to contend with hyperinflation in Argentina, where the annual inflation rate exceeded 200%. In response, financial adjustments were made that increased revenue by €5 million and EBITDA by €418,000—highlighting the company’s ability to adapt to adverse economic circumstances.
Despite prevailing challenges, company leadership remains optimistic: “Disciplined execution, coupled with a strong focus on efficiency, enabled the company to make meaningful financial progress during one of the most difficult economic periods. Our financial results are a testament to our strength and position us to pursue new opportunities for growth in 2025.”
Investor sentiment remains confident. Dreams’ debt carries an “A” risk rating—an impressive signal of stability within the Latin American gaming sector. In a year defined by uncertainty, Dreams’ discipline has proven to be a winning bet.
