|
|
February 6 - Last year Bidco offered Gold Reef Casino Resorts R34 per share in a
highly anticipated buy-out deal. Although the deal has fallen through, Gold Reef
remains confident about the company's future.
Gold Reef Casino Resorts Limited is a gaming and entertainment business. Their
concern includes the operations in charge of Gold Reef City theme park in
Gauteng, Mykonos Casino, Golden Horse Casino, Garden Route Casino, Goldfields
Casino as well as the Silverstar Casino which is currently being developed.
However, on Monday the company announced that they had not been given the
go-ahead from gambling authorities for the R9.85 billion transaction. Bidco,
which is a consortium of companies including Ethos Private Equity and Goldman
Sachs, has decided not to extend the cut-off date.
The South African Securities Regulation Panel blocked the buy-out saying that
Gold Reef Casino Resorts had flouted 4 securities regulation rules.
In response, a Gold Reef spokesperson said that they would wait for the panel to
release their reasons for the decision, but that the company's cash flow
remained strong and the business sound, regardless of the current economic
turmoil in South Africa.
Earlier in the month rumours were circulating that a rival offer had been
received by the Tsogo Sun Group, but Gold Reef Casino Resort categorically
denied these reposts. Gold Reef Casino Resorts shares had gone down by 13.69 per
cent at the close of business on Monday.
Read our Gold Reef City
Casino review now.
Related Gambling Articles:
- Super 14 Rugby - Round 1 Betting Odds and Preview
- Graceland Casino Can Light Up Your Life
- Fantastic February Fun at Carnival City Casino
- Bonus Shedding this weekend at Silver Sands Casino
- South Africans Continue to be Big Casino Fans
- Win a Share of R1.2m at Emperors Palace Casino
- Massive Jackpots at Montecasino all Month
- Zuma Tyson Guests at Emperors Palace Casino
|
|
|
