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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