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South African Casinos Win Big

19 Oct 2004

SOUTH AFRICA – As reported by the Johannesburg Sunday Times: "Gambling in South Africa has made a few people wealthier and left most casino visitors worse off. It's the casino operators who've really hit the jackpot.

"Casinos are sturdy generators of cash, benefiting from higher levels of disposable income and improved consumer confidence.

"South Africa's three listed casino groups are bullish about the potential in the domestic casino market - and some are also looking for international opportunities.

"The CEO of Peermont Global (until recently Global Resorts), Ernie Joubert, says casino gambling in South Africa is still small compared with Australia and the US, and there is room for growth.

"…Steven Joffe, CEO of Gold Reef Casino Resorts, which has a market capitalisation of R2.1-billion, says the domestic market is not saturated, but warns there could be consolidation among smaller operators…"

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