* Group closes damaged Santiago casino
* Has earthquake insurance in place
(Adds details, background)
JOHANNESBURG, March 1 (Reuters) - South Africa’s biggest casino and hotels group Sun International Ltd (SUIJ.J) said on Monday it has closed a casino in Chile after it was damaged by Saturday’s massive earthquake in the country.
Sun International said the Santiago-based casino — Montecello — was insured for both the damage to property and the cost of business interruption.
But it said the terms of the insurance policy would require it to pay $8 million.
A huge magnitude-8.8 earthquake struck Chile early on Saturday, killing at least 700 people, knocking down homes and hospitals, and triggering a tsunami that rolled menacingly across the Pacific.
“There has been significant damage to the casino and retail complex including the convention centre and administration areas, some of it due to the quake and aftershocks and some due to the sprinkler system,” Sun International’s Chief Executive David Coutts-Trotter said. (Reporting by Tiisetso Motsoeneng; Editing by Marius Bosch)