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Tsogo Sun

From Wikipedia, the free encyclopedia

Tsogo Sun
TSG
IndustryHospitality, Entertainment, Tourism
Founded1995
SuccessorTsogo Sun
Headquarters
Johannesburg
,
South Africa
Number of locations
15 Casinos, 16 Hotels, 24 Galaxy Bingo sites
Area served
South Africa
Key people
Chris Du Toit (CEO)
BrandsMontecasino, Suncoast Casino, Gold Reef City Casino, Gold Reef City Theme Park, Silverstar Casino, Golden Horse Casino, The Ridge Casino, Emnotweni Casino, Blackrock Casino, Goldfields Casino, Mykonos Casino, the Caledon Casino, Garden Route Casino, Hemingways Casino, Palazzo Hotel, the Pivot Hotel Montecasino, Piazza Hotel Montecasino, Hotel Perte Montecasino, Gold Reef City Hotel, Gold Reef City Theme Park Hotel, Silverstar Hotel, Golden Horse Hotel, Suncoast Hotel, Suncoast Towers, Blackrock Hotel, Garden Route Hotel, The Caledon Hotel & Spa, The Ridge Hotel, The RidgePoint Hotel, Hemingways Hotel, playTSOGO, bet.co.za, The Marco Polo Gaming in Sandton, Oasis Casino, Galaxy Bingo, VSlots
Serviceshospitality, leisure, gaming and entertainment[1]
Websitetsogosun.com

Tsogo Sun is a South African gaming, hotels and entertainment group. Tsogo Sun operates 15 casinos, 24 Galaxy Bingo sites, 1 Independent Site Operator Licence (ISO) as well as VSlots ("LPMs") Limited Pay-out Machines across nine provinces, including but not limited to Bet.co.za bookmaker licences, hotels, a Theme Park, theatres, movie cinemas, restaurants, bars and conference facilities.[2][3][4]

Tsogo Sun means 'resurrection' or 'new life' – a term that mimics the daily rising of the sun in Setswana.[5]

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Transcription

Ownership

Prior to 2011, Tsogo Sun Holdings owned and operated two divisions: Southern Sun Hotel Interests and Tsogo Sun. On 24 February 2011, Tsogo Sun Holdings concluded a merger with and reverse listing through Gold Reef Resorts.[6]

The group was one of the largest Johannesburg Stock Exchange listed companies in the hotel and tourism sector with a market capitalisation of R30.8 billion.[7][8] Since the unbundling[9] of its business into separate hotels and gaming interests in June 2019, Southern Sun and Tsogo Sun have been listed separately on the JSE. Tsogo Sun (TSG[10]) and Tsogo Sun Hotels (TGO[11] trading as Southern Sun) are both owned by Hosken Consolidated Investments (47%)[12] and public shares.[13]

History

Palazzo Hotel Montecasino, Fourways Johannesburg

The group was established in 1969, when hotelier Sol Kerzner founded the chain of Southern Sun Hotels in partnership with South African Breweries.[14]

Prior to 1994, the group's gambling operations were limited to those hotels located in Apartheid era bantustans, as gambling in the rest of South Africa was heavily restricted. When the new democratic government came to power, gambling was legalised, which enabled the group to add 14 gaming destinations to its portfolio.[15]

Through a process of bid applications, the group acquired five casino licences: Emnotweni (Nelspruit), The Ridge, Hemingways, Montecasino and Suncoast.[16]

An additional two casinos, The Caledon and Blackrock (formerly known as Century Casino), were added to the group's portfolio in 2009 through the acquisition of Century Resorts Limited and Winlen Casino Operators (Pty) Limited. Subsequently, a further seven casinos were added to the portfolio through the reverse buy-out of Gold Reef Resorts in 2011: Gold Reef City, Silverstar, Queens, Mykonos, Goldfields, Golden Horse and Garden Route.[17][18][19]

In May 2014, the group announced that it had entered into transaction agreements resulting in Tsogo Sun acquiring a 40% equity interest each in SunWest International and Worcester Casinos. This transaction gave the group a stake in all five casinos located in the Western Cape.[20]

As of 1 June 2017[21] the Tsogo Sun CEO was Jacques Booysen.[22] Jacques Booysen previously served as managing director of Gaming at Tsogo Sun Holdings since April 2007.[23]

The group notified shareholders on 15 March 2019[24] of a proposed restructuring that would result in a separation of hotel and gaming interests and separate JSE listing[25] of Tsogo Sun Hotels and Tsogo Sun Gaming.

As of 12 June 2019 Tsogo Sun was split into Tsogo Sun and Tsogo Sun Hotels. Tsogo Sun Hotels (now Southern Sun) includes individually branded hotels such as the luxury Beverly Hills and Palazzo as well as hotel brands that include Southern Sun Hotels, Garden Court, SunSquare and Hi Hotels.[26][27]

Tsogo Sun Gaming includes casinos precincts such as Montecasino and Gold Reef City as well as ownership of Galaxy Bingo[28] that operates 23 bingo venues across South Africa and V Slots[29] a leading supplier of Limited Pay Out slot machines. In 2020 Tsogo Sun Gaming acquired a majority ownership of South African sports betting website Bet.co.za.[2]

References

  1. ^ Nicole Cassandra Naidoo (16 July 2014). "Participation essential for Tsogo Sun shareholders". CNBC Africa. Archived from the original on 4 March 2016. Retrieved 26 November 2014.
  2. ^ a b "Tsogo Sun to acquire betting platform Betcoza". BusinessLIVE. Retrieved 25 July 2022.
  3. ^ "Tsogo Sun buys Vukani, Galaxy | IOL Business Report". iol.co.za. Retrieved 27 September 2019.
  4. ^ "Tsogo Sun boosted by gaming alternatives". BusinessLIVE. Retrieved 27 September 2019.
  5. ^ Esipisu, Isaac (18 October 2013). "Top executive jobs at Tsogo Sun cut". CNBC Africa. Archived from the original on 24 March 2018. Retrieved 26 November 2014.
  6. ^ Matthew Boyle; Kamlesh Bhuckory; Chris Spillane (7 July 2014). "SABMiller to Sell $1.09 Billion Stake in Tsogo Sun". Bloomberg News. Retrieved 26 November 2014.
  7. ^ Andreas Paleit; Nick Wilson (7 July 2014). "SABMiller to sell out of African hotel and casino group Tsogo Sun". Financial Times. Retrieved 6 December 2014.
  8. ^ Clementine Fletcher (15 April 2014). "SABMiller Mulls Options for $1.04 Billion Tsogo Sun Stake". Bloomberg L.P. Retrieved 14 December 2014.
  9. ^ "Tsogo Sun plans hotel listing on 12 June". Fin24. 23 May 2019. Retrieved 27 September 2019.
  10. ^ "Tsogo Sun Gaming Ltd, TSG:JNB summary – FT.com". markets.ft.com. Retrieved 27 September 2019.
  11. ^ "Tsogo Sun Hotels Ltd, TGO:JNB summary – FT.com". markets.ft.com. Retrieved 27 September 2019.
  12. ^ "Business Segments". www.hci.co.za. 7 January 2016. Archived from the original on 6 December 2021. Retrieved 30 May 2023.
  13. ^ "Investors | Tsogo Sun Hotels". Tsogo Sun. Retrieved 27 September 2019.
  14. ^ Thomas, Nathalie (7 July 2014). "SABMiller sheds final remnant of former conglomerate days". The Daily Telegraph. London. Retrieved 26 November 2014.
  15. ^ David S. Fick (2000). Rule, Stephen P.; Sibanyoni, Chris (eds.). The Social Impact of Gambling in South Africa: An Initial Assessment for the National Gambling Board. HSRC Press. p. 52. ISBN 9780796919717. Retrieved 26 November 2014.
  16. ^ AbdouMaliq Simone (2008). Nuttall, Sarah; Mbembe, Achille (eds.). Johannesburg: The Elusive Metropolis. Duke University Press. ISBN 9780822381211. Retrieved 26 November 2014.
  17. ^ Baumann, Julius (6 August 2012). "Gaming groups oppose new Cape Town casino". Business Day. Retrieved 26 November 2014.
  18. ^ Hasenfuss, Mark (21 November 2014). "Tsogo Sun places bet on growing casinos". Business Day. Retrieved 27 November 2014.
  19. ^ Staff reporter (18 February 2010). "Merger creates major SA gaming, hotel company". Mail & Guardian. Retrieved 27 November 2014.
  20. ^ Farhaanah Mahomed (13 May 2014). "Tsogo Sun acquires a stake in two casino businesses". CNBC Africa. Retrieved 26 November 2014.
  21. ^ "Executive Directors – Tsogo Sun Board". Tsogo Sun. Retrieved 13 July 2017.
  22. ^ Tsogo Sun gets new CEO. http://www.iol.co.za/business-report/companies/tsogo-sun-gets-new-ceo-9443365. Amended 13 July 2017
  23. ^ Jacques Booysen: Executive Profile & Biography – Bloomberg https://www.bloomberg.com/research/stocks/people/person.asp?personId=52595771&privcapId=13514301. Amended 13 July 2017
  24. ^ "Tsogo Sun to restructure hotel interests". Fin24. 15 March 2019. Retrieved 30 May 2019.
  25. ^ "Tsogo Sun will bring the largest hotel business in SA to public investors". BusinessLIVE. Retrieved 30 May 2019.
  26. ^ "Tsogo Sun Launches Budget Brand". Etnw. Retrieved 27 September 2019.
  27. ^ "New low-cost 'limited service' hotels to launch in South Africa". businesstech.co.za. Retrieved 27 September 2019.
  28. ^ "Galaxy Bingo – Gaming. Entertainment". Galaxy Bingo. Retrieved 27 September 2019.
  29. ^ "VSlots". Retrieved 27 September 2019.

External links


This page was last edited on 17 January 2024, at 11:41
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