VANDERBIJLPARK – Tsogo Sun Gaming has acquired Emerald Hotel Resort & Casino in the bucket of many gaming businesses they own which includes Gold Reef City and Monte Casino.
Emerald situated in Vanderbijlpark is now under the ownership of Newco following the approval by the Competition Tribunal of South Africa.
The Tribunal has imposed employment, local procurement and investment related conditions on the proposed merger.
In a statement issued by Gillian de Gouveia, spokesperson of the tribunal, the bid happened under conditions which included:
- The merger parties will not retrench any Emerald employees as a result of the merger for a period of 24 months following the merger approval date;
- If any positions become available within the abovementioned 24-month period, Newco will consider employing former Emerald employees who had been retrenched in 2021, provided their skills are similar to or suitable for the relevant positions and provided mutually agreeable employment terms are agreed to;
- For a period of two years from the merger implementation date, the merged business will use reasonable endeavours to continue to procure specific goods and services from local suppliers located in Emerald’s surrounding area, provided the goods and services are available and of sufficient quality; and that it is commercially viable to do so and that the goods and services can be sourced on competitive terms;
- Newco commits to investing in relation to Emerald’s business operations for a period of five years from the merger’s implementation date; and
- Newco commits, for a period of five years from the merger implementation date, not to relocate Emerald’s casino license from the current site on which its operations are located to another site within the Gauteng province.
