A Toda Vela Mar Completes Acquisition of Necochea Casino Complex
Argentina.- 27 October 2026 | www.zonadeazar.com A Toda Vela Mar S.A. has acquired the Auditorium Theatre at the Necochea Casino Complex, in Argentina’s Buenos Aires Province, through a public auction held on 23 October 2026.
The company, led by businessman Oscar Merlo, was the only bidder and secured the property for ARS383,819,190 (approximately US$247,000).
The transaction completes the company’s acquisition of all parcels within the historic complex, following its purchase of the remaining commercial and real estate sections in June.
Total Investment Exceeds ARS5.2 Billion
The acquisition of the Auditorium Theatre represents the final stage of the property privatisation process involving the Necochea Casino Complex.
The main transaction figures were:
- June 2026: acquisition of the commercial and real estate parcels for ARS4.878 billion.
- October 2026: purchase of the Auditorium Theatre for ARS383.8 million.
- Combined purchase amounts: approximately ARS5.262 billion.
The transaction consolidates A Toda Vela Mar’s control over all parcels within the coastal development.
Theatre Must Retain Its Cultural Purpose
One of the most important conditions of the acquisition concerns the preservation of the property’s designated use.
The Auditorium Theatre occupies approximately 2,910 square metres.
Under Municipal Ordinance No. 2005/81, transferring ownership to a private company does not alter the site’s zoning classification or planning parameters.
Consequently, the property must retain its designated use as a theatre, regardless of the change in ownership.
This requirement is intended to preserve the venue’s cultural importance and maintain its connection with the city’s artistic activities.
Municipality Highlights the Complex’s Recovery
The auction was conducted during an official ceremony attended by Necochea Mayor Arturo Rojas and public auctioneer Sergio Gertie.
The procedure followed the requirements established under Ordinance No. 12,009/25.
Rojas emphasised the significance of the transaction for the recovery of one of the city’s most recognisable buildings.
The mayor described the acquisition as the conclusion of one phase and the beginning of another, centred on attracting private investment.
He also expressed his expectation that the project would generate employment opportunities, increased tourism activity and further investment in Necochea.
Oscar Merlo Outlines the Next Steps
Following the acquisition, Oscar Merlo reaffirmed A Toda Vela Mar’s commitment to supporting tourism development in Necochea.
He explained that the immediate priority will be to conduct a comprehensive technical assessment of the building’s structural condition.
The proposed work programme includes:
- Damage assessment: evaluating accumulated deterioration and the effects of previous fires.
- Structural analysis: engineering studies to determine the necessary interventions.
- Phased restoration: progressively recovering the theatre’s facilities.
- Cultural integration: working with arts and hospitality specialists to revitalise the complex.
The company must still determine the full investment requirements and timetable for the restoration works.
Historic Building Faces Extensive Restoration
The Necochea Casino Complex is one of the most recognisable architectural landmarks on Argentina’s Buenos Aires coast.
However, the property has experienced considerable structural deterioration over recent decades.
Fires and prolonged periods of inactivity have worsened conditions across several facilities, including the Auditorium Theatre.
Restoring the complex therefore represents both a technical and financial challenge.
The next phase will require investment to ensure structural safety and recover public-use areas.
Industry Impact and Next Steps
The Auditorium Theatre acquisition completes the sale of the Casino Complex’s property parcels and opens a new chapter in its recovery.
A Toda Vela Mar aims to transform the deteriorated complex into a development capable of supporting Necochea’s cultural and tourism activities once again.
The municipal government considers the transaction an opportunity to attract private investment and encourage job creation.
For the entertainment and tourism industries, the project represents an example of restoring historic infrastructure through private investment while preserving the theatre’s designated cultural purpose.
Editó: @fonta
