Odds changing in the local gaming sector?
With Sun International buoyed by Time Square and Tsogo unbundling, the sector seems poised to sail out of the doldrums
The odds could be changing in the local gaming sector, with Sun International strengthening its hand in the key Gauteng market and Tsogo Sun reshuffling its property and casino assets. This week Sun International released details of an encouraging performance by its new Time Square casino — the flagship development in Pretoria which is critical to the group’s debt reduction plans. At the same time, Tsogo — which is controlled by Hosken Consolidated Investments — pushed for a value unlock by detailing much-anticipated plans to unbundle and separately list its hotel properties on the JSE. Sun International shareholders will feel somewhat relieved at the second-half performance of the Time Square precinct in the year to end-December. Time Square got off to a worryingly slow start when it opened in April 2017. Sun International CEO Anthony Leeming says Time Square has gained market share in the competitive Gauteng casino market, pushing its share to 13.5%. "Time Square actually recorded...
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