Tsogo Sun Gaming to reduce debt as earnings plummet
The company’s income for the year to end-March fell 51% as pandemic hit global tourism sector
Tsogo Sun Gaming, the owner of Montecasino and Suncoast Casino, which reported a 90% drop in earnings for the year to end-March, says it will focus on reducing debt and generating cash in the current financial year as more of its businesses are allowed to open.
The pandemic has had a particularly harsh effect on the tourism sector around the world. In SA, tourism accounted for about 8% of GDP in 2019, employing more than 1.5-million people. Local Covid-19 restrictions resulted in many hotels, bars, restaurants, museums and other related businesses shutting their doors for months with no revenue. ..