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Gold Reef Casinos Results Up

26 August 2004

SOUTH AFRICA – As reported by the South Africa Business Day: "Listed entertainment and hospitality group Gold Reef Casino Resorts (GDF) has reported a 37.8% increase in its headline earnings per share (HEPS) for the six months to end-June 2004, to 40.1 cents from a re-stated 29.1 cents a year earlier.

"The group did not declare an interim dividend, in line with its policy of only declaring an annual dividend at year-end.

"Gold Reef owns and operates five different casinos in South Africa, including Gold Reef City in Gauteng, Golden Horse, Casino Mykonos in the Western Cape, the Garden Route Casino and Goldfields Casino, its most recent, opened in Welkom in December.

"Overall, the group reported a strong rise in revenues from its casinos, underpinned by robust consumer spending, while lower interest rates also greatly helped to reduce its financing costs and net debt levels.

"Reporting its interim results on Wednesday, Gold Reef said revenues had risen 14.9% to 493.2 million rand from 429.2 million rand a year earlier, boosted by higher consumer spending thanks to higher disposable income resulting from lower interest rates and lower inflation, as well as lower income tax.

"… Looking ahead, Gold Reef Casino Resorts said it was confident that continued lower interest rates and the traditionally buoyant holiday season boded well for the group in the second half of the year…"

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