The carousel casino is for sale

• The Carousel Casino, one of the oldest and most popular casinos in South Africa, is up for sale after its permanent closure in April this year.
• According to Galetti Corporate Real Estate, the property for sale consists of 369 apartments, 57 hotel rooms, 582 hectares of land and 55,000 square meters of business opportunity.
• Although the price has yet to be set, the property has a municipal valuation of more than R500 million.
• For more stories, visit www.BusinessInsider.co.za.

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Sun International hotel group has put its Carousel Casino property in the Northwest up for sale.

One of the oldest and most popular casinos and entertainment centers in the country, it was forced to close its doors permanently in April after South Africa’s national shutdown to combat the novel coronavirus exacerbated an already struggling business.

Sun International said the complex “has seen an increase in costs and a decrease in revenues in recent years,” and the lockdown added to its problems.

“The property is a unique asset in the sense that it actually needs two buyers, one focused on retail and the other mid-level residential developer or alternatively we would look for a retirement property given the play farm and other facilities in the site, “said John Jack, CEO of Galetti Corporate Real Estate, the real estate company appointed to handle the sale.

“With the casino site being Specially Zoned, there are a number of alternative uses that the casino can be converted to, while the staff village must remain residential under the current zoning.”

This is what is offered:

100 kilometers from Joburg and 50 kilometers from Pretoria, The Carousel has many development opportunities.

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It consists of the casino and 57 hotel rooms, 369 apartments, 583 hectares of land, a gaming farm …

…. as well as a residential center that has 352 homes.

There are also 55,000 square meters of business opportunity …

… And 583 hectares of expansive land opening up.

Although the price has not yet been set, the property has a municipal valuation of R529 million and is expected to sell for more than R200 million, according to Moneyweb.

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