The Johannesburg based Emerald Resort and Casino, one of the region’s most popular brick and mortar casinos, was sold by its majority-stake owner, Caesars Entertainment Corporation, to the South African Peermont Hotels, Casinos and Resorts.
Caesars, considered one of the biggest global gaming corporations which operates over 50 casinos and hotels around the world, owns 70% of Emerald Resort and Casino. The remaining 30% is in the hands of local minority partners.
In a press release issued by Caesars recently, the Las Vegas-based group said that it sold its stake to Peermont for $39 million.
Speaking about the reasons for the sale, the Chief Executive Officer of Caesars, Tony Rodio, said: “While Emerald Resort and Casino is a unique property, it receives limited benefit from the Caesars’ Rewards network given its remoteness to other properties in our network.”
“We’re pleased to monetize this non-cure asset in our portfolio, which will enable Caesars to sharpen its focus on other strategic markets,” he added.
Caesars noted that it will continue to operate Emerald Casino until the transaction is finalized. It is believed that in the third quarter of this year (and naturally subject to regulatory approvals and other conditions), Peermont will officially take over ownership.
Emerald Resort and Casino is a tiny part of Caesars’ vast empire. The company was named the fourth-largest gaming company in the world in 2013 and has annual revenues of nearly $9 billion.
Emerald Resort and Casino is located on the lush banks of the Vaal River, an hour or so drive from OR Tambo International Hotel. It covers 7 kilometers of river frontage and offers an array of accommodation, restaurant and entertainment options. Some of its fun features include Animal World Zoo, game drives, an Aquadome, the Emerald African Spa and the world-class casino.
Peermont owns several gaming properties in South Africa, including Emperors Palace in Gauteng, the Frontier Inn and Casino in Free State, the Umfolozi in KwaZulu Natal, Graceland in Mpumalanga, the Khoroni and ThabaMoshate in Limpopo, and the Mmabatho Palms and Rio Casino Resort in the North West Province.