The State Investment Corporation (SIC) issued a job advertisement on October 6 Transaction Advisor for the full or partial sale of their property in their casinos. Please note that SIC holds a 100% stake in Grand-Baie Casino Ltd and Casino De Maurice Limited and 51% and 62.4% in Caudan Waterfront Casino Limited and Le Grand Casino Du Domaine Limitée. CLC also owns 100% Beach Casinos Limited and Sun Casinos Limited which are currently inactive. Finally, through other entities, SIC owns 21.6% of the shareholders of Grand Casino Du Domaine Limitée.
All this property costs many millions of rupees. But unfortunately, almost all of them show losses mainly due to poor management. The sale of this property would bring large revenues to the treasury. It is not known whether this money will be used to finance certain projects or to fill the state treasury.
Are there any potential buyers? According to a source from the SIC, we even stand in line, especially foreigners. Our interlocutor reminds us that it is primarily a permit that he approves Table Game which would interest investors because it yields a large return. If this casino can be profitable, then why sell them? we asked. No answer. However, our interlocutor reminds us that they are through the history of these Toy table, only once did a plane land with 150 Indians who had come to play for three days at Grand-Baie. But then nothing more.
This sale of assets is part of a government decision contained in the 2019-2020 budget. To get rid of assets that no longer earn. a Steering committee was established in MOFED, but only now could the work of the committee continue. It must be said that the discontent of the employees’ union calmed the government’s enthusiasm for privatization at the time. So we are talking about full privatization or the choice of a strategic partner.