The local casino sector is spinning slower these days as discretionary spending dries up, but diversified investment company RECM & Calibre (RAC) is betting its fast-growing alternative gaming subsidiary Goldrush is ready to list on the JSE. RAC holds a 51% stake in Goldrush, which holds limited payout machines (LPMs), electronic bingo terminals (EBTs) and sports betting operations. RAC’s year-to-end-March results, released on Tuesday, showed that in two years the value of the stake in Goldrush had more than doubled from R446m (at the end of March 2016) to R941m. At financial year-end Goldrush represented a chunky 46% of RAC’s total assets of R2bn. RAC executive director Jan van Niekerk said there was no need to raise fresh capital for Goldrush, but that a listing, which was always part of an agreement with the company’s management, would rather be a "price discovery event".

He said listing plans could be tabled at the end of 2018. Alternative gaming assets have surprised punt...

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