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Tsogo Sun KwaZulu-Natal (Pty) Ltd (“Tsogo Sun KZN”)
Without doubt one of Uthungulu’s most significant investments is its 12% shareholding in Tsogo Sun KZN, through Uthungulu’s subsidiary Uthungulu Entertainment and Gambling Company (Pty) Ltd.
Tsogo Sun KZN was awarded the largest of the KwaZulu-Natal Casino licences – the licence to develop a R1.4 billion casino, hotel and entertainment complex on the “Village Green” site in Durban – The Sun Coast Casino.
The first phase of the development was opened at the end of November 2002 and the second phase opened at the end of June 2003. A luxury hotel is to be constructed on the site plus additional parking.
Over and above its shareholding Uthungulu also benefits by earning monthly management fees from the Casino operations. |
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