Why Storm International sold the Mexican unit

Storm International company sold its Mexican unit, Storm International South in Monterrey in 2016. It has been operating since 2009 and included two entertainment complexes - Hollywood I and Hollywood II with more than one thousand slot machines. The acquirer and the amount of the transaction were not disclosed. This was reported in the press service of the company.

"The business atmosphere of Monterrey, Mexico as a whole is quite heavy for work. My company has invested over $ 30 million in Monterrey, employed more than 400 people and tried to ensure the future of everyone involved in the work of our institutions," said Michael Boettcher, Storm International president. "But it became increasingly difficult to conduct this business, largely due to regulatory changes and a lack of transparency in the work of local authorities and representatives of law enforcement agencies. It is time to move on and focus on attractive opportunities in other countries more open to foreign investment."

The Mexican division was profitable and had stable business indicators. But everything changed because of the tightening of the legislation and the atmosphere in the country. However, casinos are sold to optimize the geography of operating the company and to attract additional investments in new projects that are in the final stages of implementation.

The company Storm International was established in 1992, operates Shangri La casinos in Minsk, Riga, Yerevan, and Tbilisi, Storm Casino slot-halls in Germany, as well as business areas in Moscow. Michael Boettcher, Shangri La founder and president of Storm International Company. The company is developing a number of new projects in Europe and Asia. Since 2017, there’s been Shangri La online casino. It works with the same strict rules of fair play as in the landing Shangri La network.