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June 3 - In a bid to expand into other African countries and diversify its brand portfolio, the gaming group Peermont has successfully bid for 51% controlling shareholding interest in the Casinos of Mauritius group.
The Mauritian State Investment Corporation gave its thumbs up to the deal, allowing Peermont to manage the casinos.
This is Peermont's first major venture out of Southern Africa.
Peermont owns and operates its flagship Emperors Palace casino in South Africa, while it also owns and operates a number of properties in Botswana, including the Mondior Hotel in Gaborone and the Sedibeng Casino in Francistown.
Peermont first started showing interest in the Mauritian venture in 2007, when it bid for a stake. "We were initially not the preferred bidder but were were asked to resubmit our bid a few months ago after the initial front runner and the Mauritian government could not agree on the terms of the transaction," explained the Chief Executive Officer of Peermon, Anthony Puttergill.
The monetary value of the deal cannot be revealed according to the terms and conditions of the contract, however Peermont will put up its own cash, as well as obtain credit through banks led by Standard Bank Mauritius.
Puttergill outlined the group's plans for the five casinos currently on the island. "Initially we plan to impose our operating standards on the casinos and tighten up the operations," he said. "We will also upgrade the equipment as much of it is extremely old. However, long term, we believe there is significant scope to expand and improve the existing operations."
The casinos are gambling-only venues and include just under 550 slot machines and 85 gaming tables.
Management over the casinos will begin early next year.
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