MARC HASENFUSS: New Cape casino on the horizon
This would end a period of exclusivity for GrandWest, which has been the most profitable casino in SA over many years
Grand Parade Investments (GPI) chairman Hassen Adams seemed a tad disappointed that shareholders did not ask more questions around the group’s gaming investments at a results presentation last week. GPI holds significant minority stakes in the GrandWest casino in Cape Town and the smaller Golden Valley casino in Worcester, as well as limited payout machine operator Sun Slots. Market attention has been focused on GPI’s rollout of its Burger King master franchise. But the gaming side is worth monitoring, especially now that we are hearing more audible rumbles around plans to allow a second casino licence in Cape Town by allowing an existing Western Cape licence to be transferred from Langebaan (Mykonos), Worcester, Caledon or the Garden Route. This would end a period of exclusivity for GrandWest, which has been the most profitable casino in SA over many years. While GrandWest is controlled by Sun International, rival casino group Tsogo Sun ranks alongside GPI as a meaningful minority ...
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