Can the JSE’s casino groups win big in lucrative new gaming formats?
Online gaming is rapidly making the running in South Africa’s R800bn gambling market, leaving Sun and Tsogo with their traditional casino model somewhat shell-shocked
The JSE’s two casino giants — Sun International and Tsogo Sun — find themselves in the unfamiliar position of outsiders in a fast-changing gaming sector that attracted bets of more than R800bn in South Africa last year.
While casinos — and particularly the big properties in larger urban sprawls — are still redoubtable cash generators with significant barriers to entry, the sector’s growth prospects are not terribly exciting. While certain properties show remarkable resilience, the overall top-line generated by casino properties is growing sluggishly or is static — and business is not yet back to pre-Covid levels...
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