Tsogo Sun falters in Gauteng
Revenue loss of R200m expected at casinos could be due to rival Sun International’s new Time Square
Gaming and leisure giant Tsogo Sun, which owns three casinos in the competitive Gauteng province, is dealing well with the opening of rival Sun International’s new Time Square casino in Menlyn near Pretoria. Time Square, which opened in April, is the second-largest casino in SA and was expected to markedly shuffle casino market shares in Gauteng. Speaking at the release of the year to March results on Wednesday, Tsogo CEO Marcel von Aulock said the company’s Gauteng casinos — comprising Montecasino, Gold Reef City and Silverstar — had felt the effect of the Time Square opening. "But it’s been less than we anticipated. The initial opening is always busy and then things tend to stabilise." The company’s Gauteng casinos were expected to take a R200m hit in the new financial year, he said. "But April was a tough month for the industry… so it’s difficult to know whether the revenue loss was caused by trading conditions or the opening of Time Square." Dirk van Vlaanderen, associate portfo...
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