SIT Leisure and the Waterpark want investors

11 years, 3 months ago - March 12, 2011
SIT Leisure Ltd, which manages The Waterpark, is insolvent. Currently, negotiations with foreign groups are in progress

SIT Leisure Ltd, which manages The Waterpark, is insolvent. It is artificially maintained in operation through the financial support of the Sugar Investment Trust (SIT), which has 56 000 shareholders, including laborers and farmers. The Waterpark Belle Mare hit bottom. The diagnosis of the accounting firm BDO Ltd., which audits its accounts, is final. SIT Leisure Ltd is insolvent.  It continues to operate despite the accumulation of losses by turning on the infusion by the Sugar Investment Trust (SIT). Without this dependence, it should have filed for bankruptcy. The company's debts exceeded its assets by Rs 157 million.

An analysis of revenue of the Waterpark shows that the bulk, or 70%, comes from entrance tickets against 12% from visitor spending in the restaurant and shop.Between July 2009 to June 2010, entrance fees reported Rs 14.2 million, restaurant and shop (Rs 5.9 m) and other attractions (Rs 200,000). 

The direction of the Waterpark is stuck. It can not substantially increase the entry ticket to the risk to decrease the number of visitors. Nor can invest in new attractions. The solution seems to be in new business development on the lands that surround it. Meanwhile, the SIT, which exudes a sound financial condition will maintain the practice of infusion. 

To rectify the financial situation of SIT Leisure Ltd, the management of the Sugar Investment Trust (SIT) has opted for an integrated plan. The Waterpark will become one of the three components of the company. The other two will be a shopping mall and a 3-star hotel. That's what we found Bholah Ravin, Chief Executive Officer (CEO) of the SIT. 

The development will be done on the land lying between the water park and the coastal road along the beach of Belle Mare. An architect has already submitted the Mauritian model. The mall will be built near the coastal road. It will have a supermarket, shops and restaurants. This will enable the SIT Leisure Ltd which manages the Waterpark to generate income from the rental spaces. In addition, the mall will serve as bait for people who come for a day of relaxation. 

In addition, a 3-star hotel with a hundred rooms will be built. It will be accessible to tourists and to Mauritians. "More and more Mauritians pay a weekend or a short stay in a hotel. With us, they will have the opportunity to go to sea across the road, relax in the park and shopping, "points out Bholah Ravine. 

Currently, negotiations with foreign groups are in progress. Management hopes that this time is the charm. "Our market research shows that this project is viable. The mall and the hotel will increase significantly the number of visitors to the waterpark. Moreover, outside of this project, we will renovate the park while adding other attractions, "says Ravin Bholah. 

In the past, all negotiations have stalled. In 2009, negotiations were opened with the South African group "Cold Creek Project". It has proposed to construct a 4-star hotel with 250 rooms, villas, restaurants, a casino, leisure amenities, an aquatic center, a spa and a clinic, among others. The costs of these investments are estimated at over Rs 2 billion. 

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