Peermont plans R373m development programme

PEERMONT Hotels and
Casinos announced
at Indaba 2014 a
series of refurbishments,
new builds and upgrades of
facilities at a number of its
properties.
New developments, to
the tune of over R373m,
include a new casino resort
in Burgersfort, Limpopo;
entertainment theatre
upgrades at Emperors
Palace; and various
conference room and
bathroom upgrades and the
opening of new restaurants
and bars at various
properties.
The development of a
new casino resort, Thaba
Moshate Hotel, Casino
and Convention Resort
in Burgersfort, is under
construction. The R320m
resort will comprise a
three-star Peermont
Metcourt hotel, casino and
conference centre. Due for
completion in April 2015,
the resort will also include
a 148-seat restaurant,
showbar, teenage
entertainment area, pool
terrace and boma. Bookings
are expected to open later
this year.
Khoroni Hotel, Casino
and Convention Resort in
Thohoyandou, Limpopo,
will be renovated, including
parking, public bathrooms,
the refurbishment of
hotel suites and improved
bedroom amenities.
Mmabatho Palms Hotel,
Casino and Convention
Resort in Mafikeng,
North West Province, has
undergone a R4m upgrade.
Peermont is also spending
R30m expanding the
facilities at its convention
centre at Emperors
Palace in Johannesburg,
with a further 1 800sqm
of conference facilities,
including additional subdivisible
medium-sized
meeting rooms, a new
boardroom, public toilets
and an additional preassembly
space and
reception area.
“Peermont now has a
stronger balance sheet,
with approximately R3bn
in ordinary and preference
share equity, R1,13bn in
mezzanine debt, and
R4,1bn in senior bank debt.
A new working capital facility
has also created headroom
for future growth projects.
This new capital structure
is a significant step in the
group’s development and
once again enables future
growth opportunities,”
says Anthony Puttergill,
Peermont group ceo.