quality assets
GrandWest
GPI's effective stake: 34.3%
The group exercised certain pre-emptive rights and increased its direct and indirect economic stake from 29.24% to 29.36% by acquiring an additional 17 406 Sunwest shares at an average cost of R331,60 per share.
On 28 June 2010, GPI increased its direct stake in Sunwest by a further 0.68% at a cost of R23 million by exercising the last remaining 140 182 Sunwest share options at an exercise price of R165 per share. These transactions increased the group's economic interest to 30.04%.
This is comprised of a 19.79% stake held through GPI’s 100% owned subsidiary, Business Venture No 575 (Pty) Ltd with the balance of 10.25% held directly by GPI. Following the acquisition of 30.57% of RAH during 2008, GPI’s effective stake increased to 34.30%.
GrandWest’s opening in December 2000 heralded an exciting new chapter in the Western Cape’s entertainment scene, being the first (and then) only casino in the Western Cape. Situated in Goodwood, Cape Town, it offers round-the clock entertainment for the whole family with all the thrill and excitement of Las Vegas-scale gambling, set within the top tourist destination of the Cape.
Boasting state-of-the-art facilities, GrandWest has 68 casino tables in operation, offering American Roulette, Blackjack, Raise’em Poker and Punto Banco with in excess of 2 500 smart card slot machines. It also offers a host of entertainment facilities for both adults and children including a gamut of restaurants, bars and fast food outlets, cinemas, an intimate theatre and designer retail shops, while children can enjoy ice-skating and supervised parties, movies, rides, races and arcade games.
Visitors have a choice of the 4-star Grand Hotel, modelled on Cape Town of the past, or the more affordable City Lodge, with its 120 rooms. GrandWest also offers full conference and banqueting facilities and has played host to a variety of events, exhibitions and gala dinners.
Additional construction in 2006 and 2007 at a cost of approximately R450 million almost doubled the size of the casino to accommodate a non-smoking casino, an additional 1 000 parking bays, a parking garage and a new covered walkway. A multi-purpose arena with seating for more than 5 000 people was opened in October 2007 and has been exceptionally well received by the Cape Town community.