Casino & Gambling Affiliate Programs
By Joe Myers, Aug 12th 2003Johannesburg - Gold Reef Casino Resorts on Monday reported a 26.6% jump in headline earnings per share to 30.9c for the six months which ended in June from 24.4c a year ago.
The group, which operates four resorts - Gold Reef City, Golden Horse, Casino Mykonos and Garden Route Casino - reported headline earnings of R62.353m from R43.358m a year ago.
The company said the decrease in interest rates during the review period contributed to the casinos' strong performances.
Gold Reef City continued its robust performance with R323.8m in revenue - up 11.3% from the previous comparative period after an R84.5m reduction in external debt to R138.7m.
The Gold Reef City Theme Park continued to trade satisfactorily, the group said.
Golden Horse maintained its revenue levels, a pleasing result in light of the November opening of Durban's new casino, and reduced its external debt by R6.3m to R79m.
Excellent trading enabled Casino Mykonos to grow its revenue by 26.7% to R27.4m and to reduce its external debt by R4.1m to R2.9m before.
The new Garden Route Casino, opened in Mossel Bay in December 2002, continued to exceed expectations with revenue of R33.8m. The group is confident of the casino's positive growth prospects, it said.
In January GRCR, through wholly-owned subsidiary Aldiss Investments, effected a pro-rata share repurchase of 14.235 million shares at R3 per share totalling R42.7m.
Aldiss subsequently purchased 150 000 shares on the open market at an average price of R3.25 per share amounting to R487 905. The purchases were financed from existing cash resources.
The shares will be held as treasury stock and neither cancelled nor delisted from the JSE Securities Exchange.
Looking ahead, the group said it anticipates that expected stronger market conditions and a further reduction in interest rates should enhance its performance in the six months ahead to year-end.
The recent strengthening of the rand should impact positively on the cost of imported gaming equipment, which bodes particularly well for the new Welkom casino, it added.
The new casino will have no material effect on results to year-end and is expected to contribute to profits in 2004.
The group, which operates four resorts - Gold Reef City, Golden Horse, Casino Mykonos and Garden Route Casino - reported headline earnings of R62.353m from R43.358m a year ago.
The company said the decrease in interest rates during the review period contributed to the casinos' strong performances.
Gold Reef City continued its robust performance with R323.8m in revenue - up 11.3% from the previous comparative period after an R84.5m reduction in external debt to R138.7m.
The Gold Reef City Theme Park continued to trade satisfactorily, the group said.
Golden Horse maintained its revenue levels, a pleasing result in light of the November opening of Durban's new casino, and reduced its external debt by R6.3m to R79m.
Excellent trading enabled Casino Mykonos to grow its revenue by 26.7% to R27.4m and to reduce its external debt by R4.1m to R2.9m before.
The new Garden Route Casino, opened in Mossel Bay in December 2002, continued to exceed expectations with revenue of R33.8m. The group is confident of the casino's positive growth prospects, it said.
In January GRCR, through wholly-owned subsidiary Aldiss Investments, effected a pro-rata share repurchase of 14.235 million shares at R3 per share totalling R42.7m.
Aldiss subsequently purchased 150 000 shares on the open market at an average price of R3.25 per share amounting to R487 905. The purchases were financed from existing cash resources.
The shares will be held as treasury stock and neither cancelled nor delisted from the JSE Securities Exchange.
Looking ahead, the group said it anticipates that expected stronger market conditions and a further reduction in interest rates should enhance its performance in the six months ahead to year-end.
The recent strengthening of the rand should impact positively on the cost of imported gaming equipment, which bodes particularly well for the new Welkom casino, it added.
The new casino will have no material effect on results to year-end and is expected to contribute to profits in 2004.
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