- July 2, 2009
- Posted by: admin
- Category: SENS Announcements
Conclusion of the acquisition of the Caledon Casino, Hotel and Spa and Century Casino Newcastle by HCI`s 38% held subsidiary, Tsogo Sun Gaming (Pty) Ltd (“transaction”)
Further to the announcement by HCI on the Stock Exchange News Service (“SENS”) on 22 December 2008, shareholders of HCI are advised that Tsogo Sun Gaming (Pty) Limited, a wholly owned subsidiary of Tsogo Sun Holdings (Pty) Limited (“Tsogo Sun” or “the Group”), in which HCI has an effective 38% interest, has concluded the transaction with Century Resorts Limited and Winlen Casino Operators (Pty) Limited, for the acquisition of two South African operations, namely 100% of the Caledon Casino, Hotel, Spa in the Western Cape and 100% of the Century Casino Newcastle in KwaZulu-Natal, and assumed operational control of the casinos with effect from 30 June 2009.
The transaction has been approved by the Western Cape Gambling and Racing Board, the South Africa Reserve Bank and the Competition Tribunal. The approval of the KwaZulu-Natal Gambling Board remains outstanding, however this requirement has been waived as a condition president to the transaction by Tsogo Sun.
The inclusion of these operations in the Tsogo Sun portfolio provides additional geographic diversity and representation in casino and hotel operations for the Group in markets not currently serviced by the existing Tsogo Sun Gaming and Southern Sun Hotel businesses. Tsogo Sun now owns and operates seven casinos directly and has a financial interest in an additional seven casino operations via the its 23% stake in Gold Reef Resorts, and a portfolio of 86 hotels in 8 countries, with an additional three hotels under construction.
2 July 2009