A winning streak at Gold Reef Resorts has been driven by robust trading at all casinos, according to the latest announcement from South Africa’s Gold Reef Casinos Limited. The group reported a 30.2% growth in revenue to R1.5 billion (US$201.5 million) with net gaming win up 32%. Mykonos Casino was the top growth performer, attributed to continued economic growth in the Western Cape, but all casinos achieved excellent results from rising demand.

A significant increase in visitors to the Theme Park at the flagship Gold Reef City Casino saw a return to profitability. During 2006 Gold Reef invested R53 million (US$7.1 million) in upgrades to the Park, out of a total budget of R240 million (US$32.2 million) for a 17-month development and refurbishment programme at the casino. A new smoking casino and a 1,000-seat entertainment venue as well as refurbishment of the main gaming floor are all part of the 4-phase plan.

Last November, following the termination of a management contract with Century casino companies, Gold Star and BEE partner Akani Leisure Silverstar Holdings received approval for the acquisition of 100% of Silverstar, which holds the 7th and final casino licence for the lucrative Gauteng Province. Gold Reef CEO commented, “Silverstar in particular offers the group the opportunity to grow its gaming base and reduce its dependence on Gold Reef City.” Construction started in August 2006 and Silverstar is set to open by mid 2008. (E-03.19.07)

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