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March 21 - In their continuous struggle to maintain a good part of the local gambling market share, casino operators examine the contributions their brands make to the company's revenues and whether they are profitable in the long run.
Gold Reef Resorts announced this week that its opening of Silverstar Casino in Gauteng in 2007 has definitely had a positive affect on its market share and it can now safely be said that the company dominates 24.5% of the Gauteng gambling market. These figures were applicable up to December 31st, 2008.
"While the gaming facilities were open in December 2007, the entertainment and food components were only completed during the first half of the year and therefore the benefits of the fully completed Silverstar were only felt in the second six months," said the Chief Executive Officer of Gold Reef Resorts, Stephen Joffe. "Therefore, we are still to see the full effect of Silverstar on our results."
Another Gold Reef Resorts brand, Gold Reef City, also did relatively well, taking only a slight half a percent dip in revenues to R990 million but still managing to hold on to its market share.
Silverstar Casino, Gauteng's seventh casino, generated revenues totaling R510 million.
Joffe noted the other advantages that Silverstar Casino affords the company, saying that "Silverstar broadens our participation in the Gauteng gaming market and reduces our dependence on Gold Reef City."
Silverstar Casino, situated out of Krugersdorp in Gauteng, caters for a broad range of gamblers and runs great promotions on a regular basis. The casino is also home to the stunning Silverstar Water Extravaganza, only the second biggest of its kind in the world and a huge draw card to this resort.
Read our Silverstar Casino review.
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