Sun International may relocate gambling licence | Fin24
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Sun International may relocate gambling licence

Aug 01 2014 15:00


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Last traded 20
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Cumulative volume 723110
Market cap 0

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

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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.



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