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Mykonos exceeds expectations

19 April 2007

SOUTH AFRICA – As reported by the Cape Business News: "Grandwest may be the king of SA's casinos, but the Mykonos casino on the West Coast is certainly no slough when it comes to generating superb returns.

"In fact owner Gold Reef Casino and Resorts (GRCR) said the Mykonos casino exceeded expectations in the year to end December 2006 to become the group's top performer – ahead of big casinos like Gold Reef City and The Golden Horse in Pietermaritzburg.

"Mykonos generated revenue of R105 million (up 26% on last year's R83 million) and hiked operating profits 37% to R47 million. GRCR CEO Steven Joffe says the strong showing from Mykonos reflected high macro-economic growth in the Saldanha/West Coast region.

"No surprise then that GRCR has increased its stake in Mykonos from 60% to 70.4% after buying out the 10% stake held by investment company Reygrande in West Coast Leisure (the operator and owner of the Mykonos casino) for R43 million…"

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