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Published Date: 2020-06-10 Source: Stephen Gunnion Author: Stephen Gunnion

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The casino operator says it is faced with the uncertainty of when its casinos will be allowed to reopen and the restrictions they may face.

Tsogo Sun Gaming says it was on track to show growth for its 2020 financial year - until the middle of March when President Cyril Ramaphosa declared a national state of disaster due to Covid-19. As a result, the spread of the coronavirus and government's regulatory restrictions negatively impacted its business. All the group's casinos, which include Montecasino and Gold Reef City in Gauteng, Hemmingways in East London and The Caledon in the Western Cape, amongst others closed on 25 of March and have remained shut since. So have its Galaxy Bingo sites.

The casino operator said the lockdown reduced income growth by about 3% in the year to end-March, leaving it just 1% higher at R11.7 billion. It incurred exceptional losses of R2 billion, mostly due to impairments of intangibles due to the extended lockdown and uncertainty for the sector. Operating profit declined by 67% to R1 billion. Earnings per share (EPS) fell 87% to 19.6c while adjusted headline EPS - which exclude the impairments - came in 24% lower at 137.6c. It hasn't declared a final dividend, leaving its total dividend for the year 86% lower at 26c per share.

Tsogo said it had developed a robust strategy of enhanced hygiene and social distancing that would enable it to operate successfully once it operations were allowed to reopen.

The hospitality and tourism industries have been impacted the most as a result of the Covid-19 pandemic,'

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Tsogo Sun said. 'The group is currently faced with the uncertainty of when its various divisions will be able to commence trade and if so, under which restrictions.'

Its shares fell 0.6% to R4.88 yesterday.


Tsogo Sun Holdings Ltd
TGO and TSG
IndustryHospitality, Entertainment, Tourism
SuccessorTsogo Sun Hotels and Tsogo Sun Gaming
Founded1969
FounderSol Kerzner
Headquarters
Johannesburg
,
Number of locations
over 100 hotels, 13 casinos
Marcel von Aulock (CEO for Tsogo Sun Hotels)Chris du Toit (CEO for Tsogo Sun Gaming)
BrandsMaia, Beverly Hills, 54 on Bath, Sandton Sun, Suncoast Towers, Palazzo, InterContinental Johannesburg O.R. Tambo Airport, InterContinental Johannesburg Sandton Towers, Southern Sun Hotels and Resorts, SunSquare, Garden Court, StayEasy and SUN1 (formerly known as Formula1 Hotels)
Serviceshospitality, leisure, gaming and entertainment[1]
R 5.4 billion[2][3]
Websitetsogosun.com

Tsogo Sun is a South African hotel, gaming and entertainment group. As of 12 June 2019,[4][5][6] Tsogo Sun split into Tsogo Sun Hotels and Tsogo Sun Gaming. Tsogo Sun Hotels has over 100 hotels[7] in South Africa, Seychelles and the Middle East, a number of restaurants and bars, and conferencing and banqueting facilities including the Sandton Convention Centre. Tsogo Sun Gaming[8] has 13 gaming and entertainment destinations as well as ownership of Galaxy Bingo and V Slots.[9][10]

Tsogo Sun means 'resurrection' or 'new life' – a term that mimics the daily rising of the sun in Setswana.[11]

Ownership[edit]

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Prior to 2011, Tsogo Sun Holdings owned and operated two divisions: Southern Sun Hotel Interests and Tsogo Sun Gaming. On 24 February 2011, Tsogo Sun Holdings concluded a merger with and reverse listing through Gold Reef Resorts.[12] Tsogo Sun's key institutional shareholder is Old Mutual Investment Group Limited (5.99%); 10.33% of shares held by top holders.[13]

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.[14][15] Since the unbundling[16] of its business into separate hotels and gaming interests in June 2019, Tsogo Sun Hotels and Tsogo Sun Gaming have been listed separately on the JSE. Tsogo Sun Gaming (TSG[17]) and Tsogo Sun Hotels (TGO[18]) are both owned by Hosken Consolidated Investments (49%) and public shares (51%).[19]

History[edit]

Southern Sun Cape Sun hotel, Cape Town

The group was established in 1969, when hotelier Sol Kerzner founded the chain of Southern Sun Hotels in partnership with South African Breweries.[20]

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.[21]

Through a process of bid applications, the group acquired five casino licences: Emnotweni (Nelspruit), The Ridge, Hemingways, Montecasino and Suncoast.[22]

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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.[23][24][25]

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 will give the group a stake in all five casinos located in the Western Cape.[26]

As of 1 June 2017[27] the Tsogo Sun CEO is Jacques Booysen.[28] Jacques Booysen previously served as managing director of Gaming at Tsogo Sun Holdings since April 2007.[29]

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The group notified shareholders on 15 March 2019[30] of a proposed restructuring that would result in a separation of hotel and gaming interests and separate JSE listing[31] of Tsogo Sun Hotels and Tsogo Sun Gaming.

As of June 12, 2019 Tsogo Sun was split into Tsogo Sun Gaming and Tsogo Sun Hotels. Tsogo Sun Hotels includes individually branded hotels such as the luxury Beverly Hills and Palazzo as well as hotel brands that include Southern Sun, Garden Court, SunSquare and the soon to be launched Hi Hotels.[32][33]

Tsogo Sun Hotels also includes a 59% ownership of Hospitality Property Fund.[34][35] Tsogo Sun Gaming includes casinos precincts such as Montecasino and Gold Reef City as well as ownership of Galaxy Bingo[36] that operates 23 bingo venues across South Africa and V Slots[37] a leading supplier of Limited Pay Out slot machines.

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References[edit]

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  1. ^Nicole Cassandra Naidoo (16 July 2014). 'Participation essential for Tsogo Sun shareholders'. CNBC Africa. Retrieved 26 November 2014.
  2. ^'BRIEF-Tsogo Sun Holdings first-half EBITDAR falls 2 pct'. Reuters. 20 November 2014. Retrieved 27 November 2014.
  3. ^'Tsogo Sun H1 Adjusted HEPS Remains Unchanged'. CNBC Africa. 20 November 2014. Retrieved 26 November 2014.
  4. ^'Tsogo Sun Holdings completes unbundling of hotel division on the JSE'. cfo.co.za. Retrieved 27 September 2019.
  5. ^'Tsogo Sun plans hotel listing on June 12'. South Africa News. Retrieved 27 September 2019.
  6. ^'Tsogo Sun shares surge on separate hotel listing announcement IOL Business Report'. www.iol.co.za. Retrieved 27 September 2019.
  7. ^'Tsogo Sun Hotels up as 'strong portfolio' draws buyers'. Fin24. 12 June 2019. Retrieved 27 September 2019.
  8. ^'South Africa's Premier Casino And Entertainment Group'. Tsogo Sun. Retrieved 27 September 2019.
  9. ^'Tsogo Sun buys Vukani, Galaxy IOL Business Report'. www.iol.co.za. Retrieved 27 September 2019.
  10. ^'Tsogo Sun boosted by gaming alternatives'. BusinessLIVE. Retrieved 27 September 2019.
  11. ^Esipisu, Isaac (18 October 2013). 'Top executive jobs at Tsogo Sun cut'. CNBC Africa. Retrieved 26 November 2014.
  12. ^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.
  13. ^'Markets Data: Tsogo Sun Holdings Ltd'. Financial Times. Retrieved 26 November 2014.
  14. ^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.
  15. ^Clementine Fletcher (15 April 2014). 'SABMiller Mulls Options for $1.04 Billion Tsogo Sun Stake'. Bloomberg L.P. Retrieved 14 December 2014.
  16. ^'Tsogo Sun plans hotel listing on June 12'. Fin24. 23 May 2019. Retrieved 27 September 2019.
  17. ^'Tsogo Sun Gaming Ltd, TSG:JNB summary - FT.com'. markets.ft.com. Retrieved 27 September 2019.
  18. ^'Tsogo Sun Hotels Ltd, TGO:JNB summary - FT.com'. markets.ft.com. Retrieved 27 September 2019.
  19. ^'Investors Tsogo Sun Hotels'. Tsogo Sun. Retrieved 27 September 2019.
  20. ^Thomas, Nathalie (7 July 2014). 'SABMiller sheds final remnant of former conglomerate days'. The Daily Telegraph. Retrieved 26 November 2014.
  21. ^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. ISBN9780796919717. Retrieved 26 November 2014.
  22. ^AbdouMaliq Simone (2008). Nuttall, Sarah; Mbembe, Achille (eds.). Johannesburg: The Elusive Metropolis. Duke University Press. ISBN9780822381211. Retrieved 26 November 2014.
  23. ^Baumann, Julius (6 August 2012). 'Gaming groups oppose new Cape Town casino'. Business Day. Retrieved 26 November 2014.
  24. ^Hasenfuss, Mark (21 November 2014). 'Tsogo Sun places bet on growing casinos'. Business Day. Retrieved 27 November 2014.
  25. ^Staff reporter (18 February 2010). 'Merger creates major SA gaming, hotel company'. Mail & Guardian. Retrieved 27 November 2014.
  26. ^Farhaanah Mahomed (13 May 2014). 'Tsogo Sun acquires a stake in two casino businesses'. CNBC Africa. Retrieved 26 November 2014.
  27. ^'Executive Directors – Tsogo Sun Board'. Tsogo Sun. Retrieved 13 July 2017.
  28. ^Tsogo Sun gets new CEO. http://www.iol.co.za/business-report/companies/tsogo-sun-gets-new-ceo-9443365. Amended 13 July 2017
  29. ^Jacques Booysen: Executive Profile & Biography – Bloomberg https://www.bloomberg.com/research/stocks/people/person.asp?personId=52595771&privcapId=13514301. Amended 13 July 2017
  30. ^'Tsogo Sun to restructure hotel interests'. Fin24. 15 March 2019. Retrieved 30 May 2019.
  31. ^'Tsogo Sun will bring the largest hotel business in SA to public investors'. BusinessLIVE. Retrieved 30 May 2019.
  32. ^'Tsogo Sun Launches Budget Brand'. Etnw. Retrieved 27 September 2019.
  33. ^'New low-cost 'limited service' hotels to launch in South Africa'. businesstech.co.za. Retrieved 27 September 2019.
  34. ^'Hospitality Property Fund struggles to grow its occupancy rates and income'. BusinessLIVE. Retrieved 27 September 2019.
  35. ^'Welcome to the Hospitality Property Fund'. Tsogo Sun. Retrieved 27 September 2019.
  36. ^'Galaxy Bingo - Gaming. Entertainment'. Galaxy Bingo. Retrieved 27 September 2019.
  37. ^'VSlots'. Retrieved 27 September 2019.

External links[edit]

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