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, 14 gaming and entertainment destinations and over 250 conferencing and banqueting facilities. It is the largest listed hotel and tourism company in South Africa.
Tsogo Sun means 'resurrection' or 'new life' - a term that mimics the daily rising of the sun in Setswana.
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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. Tsogo Sun's key institutional shareholder is Old Mutual Investment Group Limited (5.99%); 10.33% of shares held by top holders.
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.
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History
The group was established in 1969, when hotelier Sol Kerzner founded the chain of Southern Sun Hotels in partnership with South African Breweries.
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.
Through a process of bid applications, the group acquired five casino licenses: Emnotweni (Nelspruit), The Ridge, Hemingways, Montecasino and Suncoast.
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.
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.
Source of the article : Wikipedia
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