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Latin American casino chain Dreams released its second-quarter 2025 financial report, indicating a slight increase in revenues but serious declines in profitability indicators such as EBITDA and net income.
The company’s revenues were CLP 70.655 billion (USD 73.4 million), a 3% increase year over year. Although the revenue is up, the EBITDA of the company was CLP 16.622 billion (USD 17.3 million) — 7% lower than the period in 2024, where it was CLP 17.794 billion. The EBITDA margin declined to 23.5%, a decrease of 2.4 percentage points from the previous year.
During the same period, net income after taxes was CLP 3.617 billion (USD 3.7 million), 26% below last year’s level. Operating result for the Group fell 7%, reaching CLP 11.391 billion (USD 11.8 million).
Casino Operations Continue to Be Core Business
Dreams‘ gaming in casinos continued to drive the performance of the company, reporting CLP 56.624 billion (USD 58.8 million) in revenues — a 2.8% increase from 2024 and accounting for 80% of the consolidated quarterly revenues of the group. This reliability is evidence of the persistent vigour of Dreams‘ core gaming business in the entertainment sector across Latin American markets.
Hotel Segment Impacted by Regional Economic Scenarios
Hotel segment reported CLP 5.914 billion (USD 6.1 million) revenues, down 3.1% year over year. The company blames the decline on “the economic adjustment in Argentina and its effect on occupancy levels.” Inflation and reduced consumer spending across the region have added to pressure on hospitality revenues.
Dreams‘ operations in Chile, its biggest market, accounted for CLP 55.526 billion (USD 57.7 million), up 5% from 2024, and contributed an EBITDA of CLP 15.792 billion (USD 16.4 million), highlighting the resilience of its domestic operations amidst economic pressures elsewhere.
Its Peruvian casinos earned CLP 7.376 billion (USD 7.7 million) in revenues, 17% more than in the previous year, driven by regular customer traffic and tourism. However, Dreams’ internet business in Peru collapsed, registering revenues of CLP 950 million (USD 988,600), 52% lower than it was in 2024, though it posted a positive EBITDA of CLP 37 million (USD 38,500).
On the other hand, Argentina’s economy continued to be on decline, with Dreams registering CLP 5.551 billion (USD 5.7 million) in revenues, down 9% year-on-year. The company said that it has been putting efforts into “expense rationalization efforts to offset lagging inflation and sales pressures.”
In Panama, Dreams registered CLP 1.252 billion (USD 1.3 million) of revenues during the year, down 21% compared to the prior year. The operation also registered an EBITDA loss of CLP 55 million (USD 57,200), further challenges in the market.
Financial Overview and Outlook
Despite the second quarter of 2025 being a mixed bag, with revenue growth balanced by profitability declines, Dreams is dedicated to operational profitability and market diversification in Latin America. The company’s strong performance in Peru and Chile balanced out the weaker performances in Panama and Argentina.
Moving forward, the company needs to keep its priorities on cost control and streamlining its regional portfolio in order to ride out varied economic times. While short-term loss of EBITDA and net profit, the 3% growth in revenue indicates that Dreams‘ core operations remain robust and can ride out regional swings.
Source: YogoNet
