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Peermont's Free State casino delayed
The planned new R67-million casino development in Bethlehem, Free State province, in which hotel and gaming group Peermont Global has a 40 percent stake as well as development and management contracts, has been held up by the slow appointment of members to the Free State Gaming Review Board (FSGRB).
Writing in Peermont Global's 2004 Annual Report, released this week, CEO Ernie Joubert disclosed that the terms of office of all FSBRB members came to an end in 2004, and as yet the members have not been replaced.
As a result, the Board cannot consider any application until new members are appointed, and Peermont Global's casino agreements must still be approved.
Construction in late 2005 or early 2006
"In the circumstances, it is unlikely that construction will begin until later in 2005 or early in 2006", he noted.
However, the group does have other projects underway. Peermont's new 150-room Mondior Hotel is currently under construction at Emperors Palace in Gauteng (formerly Caesar's Palace), with a total area of 6600 square meters. The hotel will target the business, convention and tourist markets.
Peermont has also committed a substantial investment to upgrade its Mondazur resort Estate Hotel at San Lameer, KwaZulu-Natal, to conform to an international four-star grading. Refurbishment began in April and is set to be completed by September 2005.
Grand Palm Hotel to become Walmont Ambassador Hotel
The group's Grand Palm Hotel within its Casino Convention Resort complex in Gaborone, Botswana, will be re-branded as the Walmont Ambassador Hotel during 2005, while its first select services hotel, the Metcourt Inn, opened at the Grand Palm in January 2005.
Its new acquisitions, the Syringa Hotel in Gabarone, Botswana, and the Syringa Lodge in Francistown, Botswana, would both be re-branded as well to fit in with the group's strategy. The Hotel will be re-branded as the Mondior Summit during 2005, while the Lodge will be reframed as the Metcourt Lodge during the year as well.
Commenting on 2005, Joubert said that he expected continued real growth in revenue and profit. Through the expansion of capacity, the group was well-placed to capitalize on a favorable trading environment.
Source: BonusGambler.com Editors' Choice
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