South Africa’s listed casino operators have billions invested in physical casinos. Most of these were built decades ago, and until a mere five years ago, they dominated the gambling landscape in South Africa. 

That’s not the story today. The explosion in online betting has grown to be 3x larger than casinos.

Investors in listed casino operators – Sun International and Tsogo Sun – must evaluate whether these assets, many of which date from before the internet, let alone online betting, are still relevant and can continue to generate economic value. 

The listed operators argue that these physical assets are an advantage – an opportunity to combine real-world entertainment with the expanding array of digital experiences into one integrated gambling experience.

Are they drinking their own cocktails, or is there merit in this assessment?

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