Gaming and hotel group Tsogo Sun has finally bought investment firm Trematon’s 26.9% stake in the Mykonos casino in Langebaan, on the West Coast. Though it is one of SA’s smallest casinos, there are punters who believe Mykonos would be the obvious candidate if the Western Cape government allows an existing casino licence to be transferred to the Cape Town Metropole (where Sun International’s GrandWest has enjoyed an extended period of exclusivity).Interestingly, Trematon "inherited" the Mykonos casino when it acquired Club Mykonos Langebaan (CML) more than a decade ago.Buying into CML — which owns swathes of leisure real estate — initially raised eyebrows, as the greater Saldanha area has long been a depressed industrial hub. But initiatives to revive the West Coast economy have certainly helped in recent years, and CML is proving to be one of Trematon’s smartest investments. What’s more, the value unlock from the Tsogo deal will provide a welcome boost to the balance sheet after th...
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