EMEA
Sun Int. Shutters Loss-Making Venues South African casino operator, Sun International, has shut some of its loss-
making operations at home and abroad to ease its debt with more closures likely to come if performances don’t improve significantly across the Group
Sun will close the Fish River Sun Resort in the Eastern Cape, Sun Nao Casino in Colombia and its Global VIP businesses in both South Africa and Panama
SOUTH AFRICA OPERATOR NEWS
AUSTRIA – In February, two employees from AMATIC Industries took part in their final apprenticeship exam for electrical engineering at the technical college ‘Berufsschule 5’ in Linz. Christina Machado from Ebensee and Markus Hinterberger from Frankenburg successfully completed their three-and-a-half years apprenticeship at AMATIC Industries. Both were personally congratulated on their great success by the management team at the company headquarters in Rutzenmoos.
Tatjana Bauer-Engstberger, member of the AMATIC board of directors, was clearly pleased with both outstanding employees: “We are very proud of the great success of our apprentices. It proves that the in-house apprenticeship programme is the right way to go. At the same time it serves as both incentive and example for our new staff. As one of the leading technology companies in Upper Austria, supporting young people from the region is something that we place great focus upon. We look forward to the continued cooperation with Ms. Machado and Mr. Hinterberger and wish them both every success. We also thank our trainers under the leadership of Peter Reifinger. This achievement would not have been possible without their active support“, stated Mrs. Bauer-Engstberger.
GERMANY – WestSpiel has announced that the speaker of its board of directors will be leaving the company, only six months after having taken up this position. The
NRW.Bank explained the reason as “strategic differences in the further planning and performance of WestSpiel”. Henning Thomas, Count of Schwerin, will be leaving the company on 31 March. Both parties have agreed together on the termination of the contract. Thomas had been appointed on 1 October 2017 for a period of five years. The state-owned
NRW.Bank is the 100 per cent owner of WestSpiel.
UK – Liverpool’s Shop Direct has announced that Henry Birch will be joining the firm as group chief executive, later this year. Birch is currently chief executive of FTSE listed Rank Group, the
operators of the Grosvenor Casinos and Mecca Bingo brands. Since taking up the role in 2014, he’s been credited with overhauling the brand, to become the country’s largest multichannel gaming operator, with digital revenues up 15 per cent and profits rising 60 per cent in the last year alone. Before Rank, he spent four years as the CEO of William Hill Online, during which time, he launched the firm’s mobile business. “I’m thrilled to be joining as unique and ambitious a business as Shop Direct,” stated Mr. Birch of his new role.
P20 NEWSWIRE / INTERACTIVE /MARKET DATA
South African casino operator Sun International has shut some of its loss-making operations at home and abroad to ease its debt with more closures to come if performances don’t improve.
It will close the Fish River Sun Resort in the Eastern Cape, Sun Nao Casino in Colombia, pictured, and the International VIP Businesses in both South Africa and Panama.
Te company stated: “Despite difficult trading conditions, our business has remained resilient, cash generative and is adapting to the ever- changing environment. In this regard, we have taken action on loss making operations including the closure of the Fish River, Sun Nao Casino in Colombia and the International VIP Businesses in both South Africa and Panama, as well as downscaled the Ocean Sun Casino by closing the 66th floor casino and significantly reducing staff. We have applied to the Eastern Cape Gaming Board to restructure the Boardwalk and are in the process of addressing the performances of the Carousel and Naledi.
Far East Consortium acquires Trans World Corporation
Czech Republic
Te owners of American Chance Casinos, Trans World Corporation (TWC), which also owns hotels in Germany and Austria, has been acquired by Hong Kong-based consortium, Far East Consortium International (FECI).
FECI will pay up to US$42m (HK$327.6m) and will assume TWC’s net debt at closing (not exceeding $11.025m) for the acquisition. TWC, together with its subsidiaries, primarily engages in the hospitality and gaming business and currently owns and operates a portfolio of five hotels in Germany, Austria and the Czech Republic, and three full- services casinos in the Czech Republic under the registered brand American Chance Casinos, which features both gaming tables and slot machines.
Te performance of the Latam operations has remained subdued. Te Chilean operations, and in particular Monticello, were impacted by the shooting incident at half-year.
Due to the continued underperformance of the Ocean Sun Casino, its operations have been scaled down and the International VIP Business closed while the Sun Nao Casino in Colombia, which has continued to incur losses, was closed in December 2017. ”
CEO Anthony Leeming added: “Closing loss- making entities will have a positive impact, as will the interventions we’ve put in place at the Ocean Sun Casino, the Boardwalk and the Carousel. We are anticipating much-improved performances from these operations.”
Te move to close some of its venues came as the company delivered its full year results with its core casino operations in South Africa reporting a one per cent fall in revenue, while its hospitality operations saw six per cent growth.
Chris Hoong, Managing Director of FEC said: "We are very excited about the transaction. Trans World Corporation has the best in class casino assets in the region with strong growth track record and improving operating efficiency. Te recent regulatory changes in Czech Republic have provided the Group with further development opportunities.
"Te acquisition of Trans World Corporation is another strategic development in the European market for FEC and we believe it will produce synergistic benefits with our hospitality business," said Mr. Hoong. "Trans World Corporation would add five hotel properties and three casinos to the Group's portfolio and create good opportunities for the Group to expand its hospitality offering in Europe. Te transaction will allow the Group to establish a gaming platform and will add an additional stream of steady recurring cash flow to the Group."
Gibraltar
Te UK has guaranteed Gibraltar financial services firms’ access to UK markets until 2020. Ahead of this, the UK Government will work closely with the Government of Gibraltar to design a replacement framework to endure beyond 2020 similarly based on shared, high standards of regulation, and enforcement of this regulation, and underpinned by modern arrangements for information- sharing, transparency and regulatory co-operation. Te UK has provided assurance that gambling operators based in Gibraltar will continue to access the UK market after the country leaves the EU in the same way they do now - and is are working towards agreement of a an MOU which will enable closer working between gambling regulators in Gibraltar and the UK. Te UK states it is committed to working closely with the Government of Gibraltar towards transport arrangements post EU Exit that support Gibraltar’s prosperity.
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