Merger Creates Largest Gaming Group in South Africa

Gold Reef Resorts Limited and Tsogo Sun Holdings have agreed to merge their respective gaming and hotel businesses, in turn creating the largest gaming group in South Africa.

The merger will see Gold Reef acquire Tsogo shares held by Tsogo Investment Holding Company Limited and SABSA Holdings Limited in exchange for new Gold Reef shares.

Gold Reef said its shareholders will now have access to Tsogo Sun’s portfolio of assets.

Last September, Tsogo Sun Gaming (TSG) made a deal with Dragonfish, the business-to-business unit of 888.com, to come together and launch online poker, casino, sports betting, and bingo products. At the time the company stated that their move into online gaming was a natural progression for the business. The latest deal could take this progression even further.

Talking about the new merger, Gold Reef Chief Executive Officer Steven Joffe said, “It creates a company of significant scale and diversification across geographies and markets. As a larger and stronger company, we will be well positioned to pursue attractive growth opportunities in new markets.”

Tsogo Sun’s Montecasino [pictured above right] will be hosting the Montecasino Poker Champs event from Mar. 26-28. The R15,000 (approx. €1,432) buy-in no-limit hold’em freezeout has an estimated prize pool in excess of R2 million (€190,877) and a cap of 150.

Most Viewed Articles