Sun International may relocate gambling licence | Fin24
 
  • Load Shedding Schedules

    Find information for Johannesburg, Durban, Cape Town and other cities.

  • Another Rescue?

    Edcon | Is there appetite from creditors to extend another helping hand?

  • Tough Times

    SA restaurants face job cuts and possible closures as lockdown continues.

Loading...

Sun International may relocate gambling licence

Aug 01 2014 15:00

(http://www.shutterstock.com)

Company Data

SUN INTERNATIONAL LIMITED [JSE:SUI]

Last traded 20
Change 1
% Change 4
Cumulative volume 723110
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Sun Int to buy Chilean casino

GPI and Sun Intl caution shareholders

Sun International may cut jobs

SABMiller sells $1bn stake in Tsogo Sun

 

Johannesburg - The Gauteng Gambling Board has granted the relocation of Sun International's Morula Casino and Hotel gambling licence to Menlyn Maine, near Pretoria, the hotel group said on Thursday.

Chief executive Graeme Stephens said the decision came after a prescribed public participation process in terms of the Gauteng Gambling Act.

The transfer of the licence from Morula in Mabopane would enable the company to build a R3bn urban entertainment centre at Menlyn Maine.

“Morula Casino and Hotel has for some time experienced a decline in revenues due primarily to its relatively inaccessible location and the growth of non-casino gambling activities in its catchment area."

Menlyn Maine, however, was closer to source markets and had good highway access.

"This will maximise the potential of the licence for all stakeholders, including employees, Sun International [JSE:SUI] shareholders and provincial and national government in terms of gambling taxes."

In the first five years, Menlyn Maine was expected to generate R1.7bn in gaming taxes and VAT, with estimated revenue to government of R2.7bn.

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

Voting Booth

Do you support a reduction in the public sector wage bill?

Previous results · Suggest a vote

Loading...