The Mauritian State Investment Corporation (SIC) last week named Peermont Global (Pty) Ltd, the South African gaming company that owns and manages 15 casino and hotel properties in South Africa and Botswana, as the preferred bidder for a 51% controlling stake in the five Casinos of Mauritius and 100% of the shares in their management company. The five operations are at Trou Aux Biches, Curepipe, Caudan Waterfront, Domaine les Pailles and Flic en Flac.

In 2006 SIC made a strategic decision to move away from commercial activities to institutional investments. This included finding a partner for the state-owned Casinos of Mauritius and, following a Request for Proposals, five international firms were short-listed. On 28 April 2009 Peermont was approved by SIC for in-principle acceptance of its bid, subject to further discussions and negotiations on terms and conditions.

Peermont is currently negotiating the details and expects an agreement will be in place by 31 July 2009. Anthony Puttergill, CEO of Peermont commented “We are delighted to have been selected as the Strategic Partner for the SIC. The Casinos of Mauritius opportunity is ideally suited to Peermont’s expertise, profile and operating base. We believe there is significant scope to expand and improve the existing operations.

He added, “Our long-term vision is to develop these casinos into multifaceted entertainment destinations offering local guests and tourists alike a range of entertainment options including dining, bars, theatre, festivals and hotel accommodation. This acquisition, once concluded, will help us to further diversify our operations geographically and so reduce the extent of our reliance on our flagship Emperors Palace asset.”

The five Casinos of Mauritius operations have a combined offering of 543 slot machines and 85 gaming tables. Peermont has plans to expand and redevelop the casinos by adding entertainment facilities and relocating some, and hopes to transform the casino resort industry in Mauritius, making it more attractive for international tourists. So far the costs entailed in the Mauritius purchase have not been revealed. (E-06.03.09)

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