wealth
BBBEE
Industry overview
The gaming and leisure industry was a pioneer in bringing one of the first 'transformation' or 'industry charters' to the sector in terms of the originally promulgated BBBEE Act, together with its own broad-based scorecard. The Act and charter have since been surpassed and codified by the DTI’s Codes of Good Practice, to which the industry now wholly subscribes.
The industry as a whole has always subscribed to the use of broad-based scorecards and there are in excess of 33 presently being utilised as measures of any one company’s BEE credentials. The conditions attached to the granting of any casino operating licence are strongly focused on adherence to the broad-based BEE principles of:
- equity and ownership
- management
- employment equity
- skills transfer and development
- enterprise development
- preferential procurement.
The BEE undertakings given by any successful bidder have always been entrenched in the terms and conditions of the licence itself. The Western Cape Gambling and Racing Board and all other gaming regulators are vigilant in monitoring the compliance with such principles by any licence holder on a national level and regularly conducts audits so as to enforce these provisions. Not one licence holder, SISA included, has breached any of the agreed licence terms in this regard. The gaming industry has convincingly demonstrated its commitment to BEE which it has embraced since its inception and to which it has devoted substantial resources in securing compliance with the Codes of Good Practice. It is accordingly not anticipated that a further scorecard will be adopted in terms of such Codes of Good Practice as the industry has visibly achieved many of the BEE objectives that have only recently been codified, although the National Gambling Policy Council is looking into this matter. The exigencies of the conditions attached to each of the casino operating licences cannot be accommodated by a charter or non-generic scorecard.
Grand Parade’s BBBEE status
GPI’s very roots and existence is entrenched in BEE, a political and economic imperative in South Africa.
The company emerged as an investment holding company with the primary purpose and goal being to provide a vehicle through which the historically disadvantaged persons resident in the Western Cape could participate in the growth of the gaming industry in the province and simultaneously promote transformation in the leisure industry. From a black economic empowerment perspective it has impeccable credentials.
Our 2010 and 2009 rating was completed by an accredited BEE verifications agency. It is important to note that this assessment was based on GPI being a small/medium sized entity, and that in 2011 the basis for this assessment is likely to change given the change in the operating revenue and profit profile of the business. (GPI's overall BBBEE rating).
Listed below are the scores obtained
| 2010 | 2009 | |
| Ownership | 25 | 25 |
| Management control | 24,95 | 24,95 |
| Employment equity | 27 | 27 |
| Preferential procurement | 25 | 25 |
| Total | 101,95 | 101,95 |
Corporate social development and enterprise development are conducted through GPI's LPM operations and the investments that OPI has significant influence over.
BEE Verification Certificate September 2010 PDF