quality assets
Golden Valley
GPI's effective stake: 38,98%%
GPI directly owns 36,7% of Golden Valley. With the acquisition of the 30,6% stake in RAH, GPI’s stake increased to 38,98%.
Worcester Casino (Pty) Ltd owns the Golden Valley Casino which opened in November 2006 and is situated on the N1 Highway in Worcester, reflecting the typical Cape Dutch architecture found in that area.
The casino is the fifth and the final casino to be opened in the Western Cape and had an average of 218 slot machines in operation in 2008 featuring the newest video slots and video poker machines in denominations of 10 cents to R10,00. It has a conference centre which features state-of-the-art technology, with the complex including an extensive buffet restaurant, an action bar and children’s entertainment facilities. Construction of the 98-room Golden Valley Hotel, a 4-star hotel adjacent to the casino and conference centre, was completed in April 2008 at a cost of approximately R65 million.
Golden Valley has traded in line with expectations since its opening and remains a prime gambling asset in both Sun’s and GPI’s portfolios.
GPI exerts significant board influence over this investment through its two board appointments – Hassen Adams and Alex Abercrombie.