Phumelela can stay in the race if lockdown eases soon, says chair

As SA nears the fifth week of lockdown, Phumelela Gaming & Leisure, which is reeling from the lack of horse racing and betting activities, says it is confident it will weather the storm.

Phumelela chair Moses Tembe, who took over the role in January, told Business Day on Tuesday that “we remain very confident that Phumelela will weather the storm. We held a board strategic session in early March and mapped out a turnaround plan.” Phemelela said on Monday revenue from online betting was insufficient to offset the loss of revenue from the suspension of race meetings and the closure of betting shops, saying about 40,000 jobs were dependent on SA’s horse-racing industry.

Source: News Formal (newsformal.com)

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