SUN INTERNATIONAL TO BUY EMPERORS PALACE

If all goes to plan, Emperors Palace will soon belong to Sun International.

Sun International has announced that it has entered into talks with the Peermont Holdings Proprietary Limited shareholders regarding its flagship Emperors Palace Resort in Johannesburg.

Sun International says the acquisition gives the group a significant value proposition and will give the group a chance to acquire significant gaming and hospitality assets.

It’s believed Peermont is valued at R7.3 billion, but the final offer less net debt and sellers’ transaction costs hasn’t been disclosed yet.

In a statement released by Sun International, it said the opportunity will drive synergies with the rest of the group’s operations.

“With its unique proximity to the OR Tambo International Airport, Emperors Palace offers a gateway to high net-worth customers from the rest of Africa and abroad. The proposed acquisition will further enhance the group’s online business platform with opportunities for growth by extending the group’s SunBet management team’s reach across the Peermont Group’s assets.”

So far, Sun International has received the written go-ahead from 63% of the shareholders, underlining the confidence that the shareholders have in the group’s management team.

Image credit: Safari Now