Tsogo Sun proposes name change with annual results

Along with its annual financials for the year ending March 31, 2023, Tsogo Sun announced that it has proposed a name change for its gaming arm.

Subject to shareholder approval, the company’s board has proposed changing Tsogo Sun Gaming Ltd to Tsogo Sun Ltd, effective from June 26, 2023, to better reflect the company’s diverse portfolio of holdings.

The company’s financial results, meanwhile, revealed a growth of 27 per cent in both income, to R11.3bn, and EBITDA, to R4bn.

Adjusted EBITDA, including leases, was up 28 per cent to R3.9bn, while the final gross cash dividend was 57 cents per share for the year from “distributable reserves.”

The company also highlighted a number of recent improvements to its casino facilities. The company’s financial reports states: “The casino precincts have continued the implementation of green energy solutions, with Montecasino scheduled to complete its 4.3MW roof top solar installation by July 2023, which is going to be one of the largest of its kind in South Africa.

“Expansion of the existing solar plants at Silverstar and Garden Route casino is already under way, scheduled for conclusion by August 2023. A new installation generating approximately 1.5MW is planned for Gold Reef City and should be completed by November 2023.

“The upgrade project at Emerald Resort and Casino is starting to show positive signs of improved performance and the group is optimistic about the potential of this resort for the future.”