December 24 - After months of movement in the direction, Century Casinos Inc., the US based gaming company, confirmed that it had sold its interests in the South African casino market. The company confirmed that it had entered into an agreement of sale with Tsogo Sun Holdings to sell out all its outstanding shares in Century Casinos Africa.
Century Casinos owns and operates, or has substantial share percentages in a number of top casino locations in South Africa. These include full ownership of the Caledon Hotel, Spa and Casino in Caledon, near Cape Town as well as 60% ownership of Century Casino in Newcastle. Century Casinos also provides full technical service to Newcastle.
Century Casino Africa has generated 32% of the parent company's total revenue and is considered a lucrative part of the business.
It was confirmed that Tsogo Sun Gaming is the purchaser of Century Casinos Africa. The company is a wholly owned subsidiary of Tsogo Sun Holdings, itself a subsidiary of a Johannesburg Stock Exchange and London Stock Exchange listed company.
Tsogo Sun Gaming owns and operates five casino resorts in Southern Africa, as well as 82 others in countries spread across the globe.
Century Casino Africa is valued at around $48 million (R460 million) and is expected to generate net proceeds of around $37 million for Century Casinos Inc.
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