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December 27 - Sun International needed to call off plans to invest in the
burgeoning Russian gaming market when a recent law barred casinos from main
urban areas. Sun International has therefore decided to expand into Egypt,
Nigeria and Chile instead.
It is all part of their global acquisition plan.
One new resort on the cards is in Port Ghalib, situated right the Red Sea in
Egypt. Sun International has managed to secure an agreement which has seen the
development of 3 luxury hotels there. David Coutts-Trotter, CEO of Sun
International said that the hotels at the resort will open at the end of
January.
Because of the stabilizing of the situation in Nigeria, both politically and
economically, Sun International purchased a 49 percent option in the Nigerian
Federal Palace Hotel; a property located on Victoria Island.
The hotel was taken over by Sun International in October. Coutts-Trotter
said that the property would be significantly renovated, with the addition of a
casino, restaurants and a conference facility amongst others.
This expansion is expected to cost about $120 million. The agreements have been
finalized with partners in Lagos and the casino license application is close to
being completed.
The Chilean gaming authority approved the purchase of 40 percent in San
Francisco Investment SA, a local company that has a 15-year casino license in
Chile (the license is for Region Six which is the leading casino prospect in
Chile).
In a project estimated to be costing close to $200 million, Sun International
will develop the complex south of Santiago. The first phase should open in
October 2008.
Although Sun is disappointed in the new Russian Federation gaming laws,
Coutts-Trotter said they haven't given up on that market completely and that 'We
will obviously continue to monitor policy developments in Russia.'
Sun International owns and operates a number of leading casinos in South Africa
including The Carousel Casino. Read our Carousel Casino review now.
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