Tsogo Sun Gaming, which has about R11.8bn in debt and is still to secure a covenant waiver from banks for the trading period to end-March 2021, might need to play its trump cards in the Western Cape — and sell its minority stake in the cash-spinning GrandWest casino in Cape Town.In a recent investment presentation, Tsogo placed emphasis on speeding up its debt reduction timetable.The company owns the Montecasino and Suncoast casino properties as well as sizeable electronic bingo, limited-payout machine and sports-betting operations.While the group’s casinos and alternative gaming operations are now open and generating profits after the restrictive Covid-19 lockdown, CEO Chris du Toit indicates that Tsogo will also look to dispose of noncore assets. The company has already raised R27m from such an exercise this month.Du Toit says nine tracts of land – mainly office buildings and vacant land – have been identified for possible disposal.The FM understands that no casino operations will...

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