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Tsogo Sun Hits the Jackpot
27 April 2009

SA tourism giant, Tsogo Sun, has acquired Century Casinos in a R490million deal. The sale is awaiting final approval from the Competition Tribunal, the final regulatory requirement before it goes through.

Tsogo Sun has bought a 100% stake in both the Caledon Spa and Casino (Western Cape) and Century Casino and Hotel (KwaZulu Natal) following the group’s decision to sell in September 2008. The South African market is now characterized by Peermont, Tsogo, Gold Reef Casino Resorts and Sun International.

Tsogo has also acquired 41million shares in Gold Reef following a deal with empowerment directors, Bongani Biyela and Richard Moloko. Further shares in the open market have also been bought out by Tsogo but the group has said that they do not plan to make an offer on Gold Reef at this stage.

The group will be spending an estimated R1,5 billion on various hotel projects, including on the Southern Sun Hotels and the mixed use development next to Montecasino. The group is expected to double in size over the next few years, news which is sure to excite shareholders who received dividends in excess of R1 billion in 2008.

 

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