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August 31 - Sun International has learned that its exclusive casino license
on the Cape Town metropolitan region may be challenged, after Gold Reef Resorts
announced its intentions to move its Mykonos Casino, currently in Langebaan,
closer to Cape Town proper.
At present, Sun International holds an exclusive license through its Grand
West Casino.
Gold Reef Resorts have suggested to Cape finance MEC, Alan Winde that this
license now come under review, according to the group's Chief Executive Officer,
Steven Joffe.
Sun International's license comes to an end in 2010, and Joffe said that his
group was keen to explore the option of opening a casino nearer to Cape Town, a
move that will more than likely affect Grand West Casino in a big way.
A slowing economy, resulting in less leisure-bound capital for South
Africans, means that the Western Cape gambling industry is already under
pressure.
"A significant portion of our business came from the participants in the
Western Cape property industry, but with the slump in the property market, those
involved in that industry have stayed away," said Joffe.
As a result, revenue at Mykonos saw a slump of 2% in the first half of the
year, to $55 million.
Another Gold Reef owned establishment, the Garden Route Casino, saw revenues
slip 6% to $76 million compared to the previous six months.
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