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Tsogo Sun

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Tsogo Sun Holdings Ltd
TSH
IndustryHospitality, Entertainment, Tourism
Founded1969
Headquarters
Johannesburg
,
South Africa
Number of locations
over 90 hotels, 14 casinos
Key people
Marcel von Aulock (CEO)[1]
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[2]
R 5.4 billion[3][4]
Websitetsogosun.com

Tsogo Sun is a South African hotel, gaming and entertainment group. As of June 2014, the group owns 92 hotels in Africa, Seychelles and the Middle East,[5][6] 14 gaming and entertainment destinations and over 250 conferencing and banqueting facilities.[7][8] It is the largest listed hotel and tourism company in South Africa.[9][10][11]

Tsogo Sun means 'resurrection' or 'new life' – a term that mimics the daily rising of the sun in Setswana.[9]

Ownership

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 is 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]

History

The group was established in 1969, when hotelier Sol Kerzner founded the chain of Southern Sun Hotels in partnership with South African Breweries.[5]

Prior to 1994, the group’s operations were limited to hotels as gambling in 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.[16]

Through a process of bid applications, the group acquired five casino licenses: Emnotweni (Nelspruit), The Ridge, Hemingways, Montecasino and Suncoast.[17]

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.[18][19][20]

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.[21]

References

  1. ^ Lewis, Anél (25 November 2013). "Tsogo Sun wants second Cape Town casino". IOL. Independent Newspapers. Retrieved 27 November 2014.
  2. ^ Nicole Cassandra Naidoo (16 July 2014). "Participation essential for Tsogo Sun shareholders". CNBC Africa. Retrieved 26 November 2014.
  3. ^ "BRIEF-Tsogo Sun Holdings first-half EBITDAR falls 2 pct". Reuters. 20 November 2014. Retrieved 27 November 2014.
  4. ^ "Tsogo Sun H1 Adjusted HEPS Remains Unchanged". CNBC Africa. 20 November 2014. Retrieved 26 November 2014.
  5. ^ a b Thomas, Nathalie (7 July 2014). "SABMiller sheds final remnant of former conglomerate days". The Daily Telegraph. Retrieved 26 November 2014.
  6. ^ Rahul Odedra (21 May 2014). "South Africa's Tsogo Sun in talks to reenter Dubai market". Arabian Business. Retrieved 27 November 2014.
  7. ^ Bray, Chad (7 July 2014). "SABMiller to Sell Stake in South African Hotel and Casino Group". The New York Times. Retrieved 26 November 2014.
  8. ^ Hedley, Nick (25 April 2013). "Tsogo Sun commits $100m for its African expansion". Times Media Group. Business Day. Retrieved 27 November 2014.
  9. ^ a b Esipisu, Isaac (18 October 2013). "Top executive jobs at Tsogo Sun cut". CNBC Africa. Retrieved 26 November 2014.
  10. ^ "SABMiller to sell Tsogo Sun stake". BBC News Online. 7 July 2014. Retrieved 26 November 2014.
  11. ^ Shevel, Adele (22 November 2014). "Government's belt tightening hits Tsogo Sun". The Times (South Africa). Retrieved 27 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.com. Retrieved 14 December 2014.
  16. ^ 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.
  17. ^ AbdouMaliq Simone (2008). Nuttall, Sarah; Mbembe, Achille (eds.). Johannesburg: The Elusive Metropolis. Duke University Press. ISBN 9780822381211. Retrieved 26 November 2014.
  18. ^ Baumann, Julius (6 August 2012). "Gaming groups oppose new Cape Town casino". Times Media Group. Business Day. Retrieved 26 November 2014.
  19. ^ Hasenfuss, Mark (21 November 2014). "Tsogo Sun places bet on growing casinos". Times Media Group. Business Day. Retrieved 27 November 2014.
  20. ^ Staff reporter (18 February 2010). "Merger creates major SA gaming, hotel company". Mail & Guardian. Retrieved 27 November 2014.
  21. ^ Farhaanah Mahomed (13 May 2014). "Tsogo Sun acquires a stake in two casino businesses". CNBC Africa. Retrieved 26 November 2014.
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