wealth
Group structure
SunWest
The group’s effective interest including the share held by RAH equals 34.30%. SunWest is accounted for as a joint venture.
RAH
GPI’s stake of a 30.57% interest in RAH indirectly increased GPI’s exposure to:
- SunWest (effective increase of 4.26%)
- Golden Valley (effective increase of 2.26%)
- Western Cape Manco (effective increase of 3.98%)
- Sibaya (effective increase of 4.19%)
Importantly, it also exposed GPI to other high-quality urban casinos and regional management companies outside of the Western Cape, namely:
- Carnival City (effective stake of 6.60%)
- Boardwalk (effective stake of 2.48%)
- Afrisun KZN Manco (effective stake of 4.17%)
- Gauteng Manco (effective stake of 11.03%)
- Emfuleni Manco (effective stake of 8.08%)
Golden Valley Casino
GPI has a 44.42% direct interest, with the group’s effective interest including the share held by RAH equalling 46.68% and 7.72% indirect stake through Stripe Investments, a 100% held subsidy.
Western Cape Manco
Western Cape Manco renders management services to GrandWest Casino in terms of its management contract which runs co-terminus with the main operating management contract between Sun International Management Limited and GrandWest Casino. These contracts have a fifteen-year term and commenced on the first day of the month following the issue of the licence. GPI directly owns 50% of Western Cape Manco and this investment is accounted for as a joint venture. The group’s effective interest including the share held by RAH equals 53.98%. GrandWest pays out 3% of its revenue and 15% of its adjusted EBITDA in respect of all these management services. WC Manco's fees are comprised of 1% of this revenue and 3% of this adjusted EBITDA, with the balance of the fees being attributed to the services provided by Sun International Management Limited.
National Manco
GPI holds a 5.67% direct shareholding in National Manco and this investment is classified as available-for-sale.
Akhona GPI
GPI holds a 75% interest in Akhona GPI which owns a 23% stake in Dolcoast Investments (Proprietary) Limited , which in turn holds a 22.4% stake in Sibaya Casino in KwaZulu-Natal, together with a direct 20% shareholding in Kingdomslots. Akona GPI through its 100% subsidiary, Wild Rush Trading 97 owns a further 10% in Kingdomslots.
GPI Slots
Through GPI Slots, GPI previously owned 25.1% interest in the LPM operations of Grandslots. Subsequent to the acquisition of the LPM's business on 30 June 2010, this investment became a subsidiary.
BVI 575
BVI is a wholly-owned special purpose vehicle established to obtain preference share funding.
Utish
Utish is a wholly-owned special purpose vehicle established to obtain preference share funding.
