The Municipality of Necochea has officially auctioned the Necochea Casino Complex. On Wednesday, June 10, the property was acquired by A Toda Vela Mar S.A., a firm led by local businessman Oscar Merlo. As the sole registered bidder, the company purchased the property for the base price of ARS 4,878 million (approximately USD 3.38 million).
The public auction transfers the property from state ownership to a private entity for the first time since its original inauguration. The complex, which previously housed gaming rooms, a theatre, a bowling alley, and a skating rink, has experienced significant structural deterioration in recent years due to prolonged vacancy.
The sale proceeded after the Mar del Plata Court of Appeals lifted a legal injunction that had temporarily suspended the auction process.
Necochea Mayor Arturo Rojas noted the completion of the sale as a significant administrative step for the municipality, which has made several prior attempts to auction or revitalize the prominent waterfront property.
The transaction includes the main gaming halls, the former commercial and recreational spaces, and the rear parking facilities. The municipality will retain ownership and management of the adjacent Auditorium Theatre, as well as the planned street dividing the main complex from the parking area.
Following the successful bid, Oscar Merlo stated that the firm intends to conduct a comprehensive technical evaluation of the site’s structural integrity before finalizing its development plans. Acknowledging the heavily deteriorated state of the building, Merlo indicated that the rehabilitation project presents substantial technical and economic challenges.
“Everything we can maintain and restore, we will,” Merlo stated, referencing the building’s historical presence on the city’s coastline. He added that the firm views the acquisition as an avenue for broader urban development. “This cannot be thought of solely as a construction project. This is an opportunity to revitalize the coastal front and generate new economic activities.”
The transaction is currently pending final administrative and municipal approvals before A Toda Vela Mar S.A. formally assumes control of the property to begin its assessment.
The casino was closed down by the Provincial Institute of Lotteries and Casinos and was temporarily housed in a nearby theatre in 2015 for urgent repairs as the building posed a safety risk. This was after two tourists fell from the railing of a balcony. It was the third time the casino had been shut down having also been shut down in 1988 and 1994. Part of the complex was burnt down in 2020.
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The Municipality of Necochea has officially auctioned the Necochea Casino Complex. On Wednesday, June 10, the property was acquired by A Toda Vela Mar S.A., a firm led by local businessman Oscar Merlo. As the sole registered bidder, the company purchased the property for the base price of ARS 4,878 million (approximately USD 3.38 million)….
The post Long running casinos saga over Necochea casino in Argentina ends appeared first on G3 Newswire.