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June 19 - Pending an approval of the KwaZulu-Natal Gambling Board, Century Casinos Inc. will finally be leaving the South African gambling market.
The US based group has sold off its South African interests, which operates under the subsidiary name Century Casinos Africa Ltd., to Tsogo Sun Gaming Ltd.
If all goes according to plan, the sale will be finalized at the end of this month.
$31 million of the total sale amount will be paid by Tsogo Sun Gaming to Century Casinos in two weeks time, while the further $13 million will be paid once all the regulatory approvals have been completed. This brings the total price paid by Tsogo Sun Gaming to $44 million.
Century Casino Africa incorporates 100% ownership of the Caledon Hotel, Spa and Casino in Cape Town, as well as 60% of Century Casino Newcastle.
Tsogo Sun Gaming, owned by Tsogo Sun Holdings, is the largest black empowerment company in the South African entertainment division.
The group owns five prime properties around South Africa, including Gauteng's premier entertainment destination, Montecasino.
This location is a non step world of fun and excitement, boasting 1700 slot machines, 70 gaming tables and lots of others. The Casino is running a Salsa Fever promotion until August that has a R5.4 million prize pool up for grabs!
Tsogo Sun also runs the Suncoast Casino and Entertainment World and Hemingways Castle in East London.
Other properties include The Ridge Casino and Entertainment Resort in Witbank, Mpumalanga and the Emnotweni Casino in Nelspruit, Mpumalanga.
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