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November 2 - Tsogo Sun Gaming, one of South Africa's largest gambling groups,
has finally taken over total ownership of Century Casinos' SA subsidiary.
In April 2009, the South African Competition Tribunal gave the green light
for Century Casinos to sell their subsidiary to Tsogo Sun Gaming.
However, the deal has taken until now to finalize due to bureaucratic
problems.
Provincial regulators have been stalling their final permission, but last
week it was revealed that Century Casinos have finally concluded the sale and
Tsogo Sun have received the full payment according to the terms of the deal.
The formal registration of shareholders resolution took place at the official
registrar of companies, with the transfer of $13.4 million.
Century Casinos is said to have made a net profit of $48 million from the
sale of its South African subsidiary.
The US based Century Casinos will use the money raised from the sale to
acquire new casino projects and reduce leverage.
Tsogo Sun Gaming comprises seven top properties that are spread across South
Africa, providing luxury gambling entertainment. These establishments serve over
21 million people each year.
Tsogo Sun Holdings own 100% of the hotel interests in Southern hotel and
entertainment group in South Africa.
The properties owned and operated by Tsogo Sun Gaming include the
Emnotweni Casino in
Nelspruit, the Hemingways Casino in East London,
Montecasino in Johannesburg,
Suncoast Casino in Durban,
the Ridge in Witbank, Century Casino in Newcastle and the Caledon Hotel, Spa and
Casino in the Western Cape.
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