Hosken Consolidated Investments said it had made an R822m impairment as it expects a deterioration in its hotel business for the current financial year due to Covid-19 restrictions.
HCI had 49% holdings in Tsogo Sun Gaming and Tsogo Sun Hotels as of its 2019 financial year. Last week Tsogo Sun Gaming reported that operating profit for the year to March dropped more than two-thirds as the Covid-19 outbreak compounded the effects of an already weak economy.
Source: Gaming Daily Report (gamingdailyreport.net)
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