Peermont has big plans for Mauritius casinos
June 3, 2009
By AUDREY D’ANGELO
Gaming and hotel company Peermont had big plans for the expansion and redevelopment of the five state-owned casinos on Mauritius after being named as the preferred bidder for a 51 percent controlling shareholding in them, chief executive Anthony Puttergill said yesterday.
Peermont, an empowerment company whose controlling shareholder is the Mineworkers Investment Corporation (MIC), owns and manages 15 casino and hotel properties throughout South Africa and Botswana.
This will be its first move offshore.
Puttergill said it planned further expansion overseas but not for several years while it transformed the casino resort industry in Mauritius, making it more attractive for international tourists who come mostly from South Africa, the UK, France and Italy.
He said that at present the island's casinos were stand-alone gaming operations attracting only local residents and had an annual turnover of R250 million compared with Peermont's R2.5 billion.
Peermont would relocate some of them, will raise their standards, and add hotel and entertainment facilities similar to those provided in this country, including restaurants, bars and theatres. This would enable them to organise festivals.
Doing so would "help us to further diversify our operations geographically", reducing the company's reliance on its flagship development, Emperor's Palace in Johannesburg.
Peermont was delisted in 2007 when MIC acquired most of the shares except for those held by management, who were retained. Puttergill said the group had since attracted investment from financial institutions in the UK and US.
He said the amount to be paid for the stake in Mauritius' casinos was confidential at this stage. Peermont is currently negotiating the detailed terms and conditions of the agreement. It expects these negotiations to be concluded by July 31, following which a further announcement will be made.
Describing Peermont as "the most empowered hospitality and gaming company in South Africa", Puttergill said its operations included Graceland Hotel Casino and Country Club in Secunda, the Mondazur Hotel at San Lameer in KwaZulu-Natal and other hotel, casino and convention resorts in Bethlehem, Empangeni, Klerksdorp, Thohoyandou and Mafikeng.
In Botswana it owned and managed the Grand Palm Hotel Casino Convention Resort and the Mondior Hotel in Gaborone.
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