Peermont Plans South African Casino Expansion and Development
Peermont Hotels, Casinos and Resorts, one of the country’s leading casino and entertainment groups, announced that it would be upgrading conference and room facilities at a number of its properties in the coming months.
The group is planning the construction of a new casino resort in Burgersfort, Limpopo Province which is due to open in April next year. Peermont is also upgrading its hotel suites at the Khoroni Hotel, Casino and Convention Resort in Thohoyandou in Limpopo.
Peermont reported that its Graceland Hotel, Casino and Country Club in Secunda has already undergone an extensive update of the convention center.
Looking to Guateng, Peermont said that it would also be improving convention facilities at the Emperor’s Palace Resort and Casino, including new meeting rooms, a new boardroom and a reception area.
Peermont’s planned new casino in Burgersfort, Limpopo has attracted a lot of attention, as it is seen as a milestone for the group. The Thaba Moshate Hotel, Casino and Convention Resort will be built on the hillside of the Moremi Mountains and will boast some of the most beautiful views in the area.
The resort is expected to cost R320 million to construct, and will include a 3 star hotel, a conference center, a restaurant, showbar, teenage entertainment area, pool terrace and more. One of the highlights of the new Peermont resort is the planned casino which will hold 150 slot machines and 8 gaming tables.
Anthony Puttergill, Peermont’s Group Chief Executive Officer said a while back that these property upgrades are in line with the company’s objectives to grow market share and improve customer satisfaction, in a highly competitive environment.
“The announcement of the new casino resort being built in Burgersfort, Limpopo, and other property refurbs and enhancements follow Peermont’s recent announcement of the completion of the recapitalization of the Group, by raising new debt and equity,” he said.
In May it was shown that Peermont has a strong balance sheet, with approximately R3 billion in ordinary and preference share equity, R1.125 billion in mezzanine debt, and R4.1 billion in senior bank debt.
“A new working capital facility has also created headroom for future growth projects,” said Puttergill. “This new capital structure is a significant step in the Group’s development and once again enables future growth opportunities. “