A Sun International spokesperson told media on March 26, 2015 that they are going ahead with transferring their Morula Sun Hotel and Casino license to their upcoming Time Square Casino in Menlyn Maine in Pretoria, South Africa. Previously the license was withheld due to opposition in court by Peermont Group.
However, just a week ago Sun International finalized an agreement with the holders of preferential and ordinary shares along with mezzanine debt in Peermont. Once final regulatory approvals occur, the chains will become a single entity and the objection will no longer be an issue.
Sun International’s recent purchase deal means 100% acquisition of Peermont. Regulatory conditions could be met within the next 9 to 12 months.
Before the acquisition, Sun International owned over a dozen casinos on the continent including their most well known, Sun City (pictured).