Gold Reef looks to lure soccer high rollers
Business Day
14 December 2009

Julius Baumann

Gaming group Gold Reef Resorts is hoping to attract several big-spending players from the US and Russia to its properties during next year's Soccer World Cup, particularly to the group's newest property, Silverstar Casino near Krugersdorp.

While Gold Reef is predominantly a gaming group, it does provide hotel accommodation at its various properties. By attracting the world's high rollers, Gold Reef will benefit not only from revenue from its rooms during the tournament but also by keeping guests entertained in the group's casinos between matches.

Silverstar is ideally placed to cater to this market. It has a five- star, 34-room hotel that includes four presidential suites.

It also has conference facilities, a spa, restaurants and a casino with 26 tables and more than 700 slot machines.

"We are in discussions with various parties to bring the top players to SA during next year's World Cup and hopefully this will begin to establish SA as a new destination for these players," CEO Steven Joffe said during a recent tour of Silverstar.

The R1,2bn property has been trading for a little over two years and has already established itself as the group's second biggest money spinner with extensive scope for growth.

With the group's flagship property, Gold Reef City, the gaming group controls more than a quarter of Gauteng's casinos in terms of revenue.

In the six months to June, Silverstar reported a 12% increase in revenue to R262m.

"The West Rand is a fast - growing residential and business area and therefore we believe that Silverstar will benefit from that growth," said Mike Vermaak, GM of Silverstar.

He says the casino's proximity to Lanseria International Airport is another plus. "Not only are we able to fly in guests from around the country, but there are huge benefits for us from the development around the airport."

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