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South African Casino Groups Report Rise in Profit

SOUTH AFRICA – As reported by the Johannesburg Business Day: "SA's listed hotel and casino groups recently reported a surge in profits and dividends on the back of last year's buoyant consumer spending, but their longer-term profitability will depend on where they invest their excess cash.

"Apart from returning cash to shareholders with increasingly generous dividends, the country's hotel and casino groups are expected to reinvest in maintaining and expanding their existing casinos, vying for the handful of new casino licence opportunities still to come, acquiring or developing local hotels, or exploring opportunities in Africa and elsewhere.

"Gold Reef Casino Resorts has indicated it intends to focus on local opportunities and concentrate on casinos rather than hotels in the foreseeable future.

"…Sun International is upgrading existing casinos and will start work this year on a new R166m casino development near Bloemfontein. It is also investigating opportunities in Africa and other markets.

"…Unlisted Tsogo Sun, which owns casinos such as Montecasino and Hemingways, said last year that its hotels arm, Southern Sun, would manage two luxury business hotels in Lagos, Nigeria and was looking at other opportunities for hotels in west Africa, particularly in Ghana and Angola. Southern Sun already operates in a number of central and east African countries…"

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