South African Casino Development Delayed
10 Jun 2005
SOUTH AFRICA – As reported by the Finance 24: " The planned new R67m casino development in Bethlehem, Free State province, in which listed hotel and gaming group Peermont Global (PGL) has a 40% 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…"