In a stroke of strategic brilliance, Sun International, the proud parent of Sun City, has just sealed a sparkling deal to snap up the casino and hotel heavyweight Peermont. This comes weeks following our report on the giants’ announcement of a potential acquisition. The move places a whopping value of around R7.3 billion on Peermont, making it a game-changer in the leisure industry.

Sun International sees this as a golden chance to beef up its portfolio and grab a “world-class and highly cash-generative” business. Peermont, born in 1995, isn’t just any old player in the game. They’ve got a glittering lineup of 11 properties scattered across South Africa and Botswana, not to mention their online sports and entertainment betting site, PalaceBet.

Sun International’s Glowing Empire

Valued at nearly R11 billion on the JSE, Sun International boasts a glamorous array of resorts and hotels. These include the swanky Maslow in Sandton, the breezy Wild Coast Sun in the Eastern Cape, the classy Table Bay Hotel, and the ever-popular Sun City in the North West. With nine urban casinos dotting the South African landscape and the online SunBet, they’re a force to be reckoned with.

Emperors Palace isn’t just a part of Peermont’s portfolio; it’s the star of the show! Located in Gauteng, this gaming paradise is decked out with four hotels, a health and beauty spa, and plenty of dining, entertainment, and cinema options.

Emperors Palace sits pretty near the OR Tambo International Airport, making it a magnet for high-rollers from Africa and beyond. Sun International is buzzing about the potential to create sizzling synergies with its other operations, including hotels, resorts, and the online sports and gaming business.

Peermont’s Impressive Résumé

Peermont’s knack for designing, developing, and managing top-notch integrated resorts is no small feat. Their portfolio boasts everything from hotels and casinos to convention centres, retail hubs, health spas, and a medley of dining, bar, and entertainment options.

“The addition of Peermont’s land-based casinos to our portfolio, underpinned by the flagship Emperors Palace Resort, will enhance the quality of earnings and cash flow generation of the group,” said CEO Anthony Leeming. He emphasized the strategy to focus on urban casinos and grow smaller regional assets and online offerings.

Breaking Down the Numbers

Sun International’s purchase price is pegged to Peermont’s enterprise value of R7.3 billion, with some conditions tied to profit expectations. Sun International is also gearing up to shoulder Peermont’s debt, which stood at R4 billion as of June, bumping up their SA debt to over R13 billion.

Shares of Sun International enjoyed a modest uptick in Monday morning trading, having risen by about 13% over the past year. This deal, shimmering with potential, has the market watching with keen interest.

Betting Sites Africa

🔥Trusted Betting Site in Nigeria, Overwhelming Number of Betting Markets

🎁Up to ₦145,600 in Welcome Bonus!

🔥Top Betting Site in Nigeria, Licensed and Secure

🎁Exclusive ₦200,000 Bonus with code: BCABONUS

🔥Top Betting Site in Nigeria, Many Local Deposit Methods

🎁Generous welcome bonus of up to ₦100,000!