quality assets
Kingdomslots
GPI's effective stake: 92.5%
Kingdomslots is the trading brand of Thuo KZN.
With the completion of the acquisition of our LPM interest, GPI directly owns 70% in Kingdomslots. The remaining 30% is held by Akona GPI, which GPI owns 75% of.
Given that Kingdomslots is at an earlier phase of its roll-out than its Western Cape counterpart and also operates in a more competitive environment with four operators having been licensed in the province, it produced gross gaming revenue of R82 million last year and a net margin after all variable costs of R35 million. This translated into a loss of R1,7 million for the year. Our LPM business model has been consistently applied in this province and we are pleased to report that Kingdomslots has, like Grandslots in the Western Cape, achieved the status of market leader in KwaZulu-Natal. Kingdomslots is substantially ahead of its fair market share of 25% in terms of licensed machines, both in terms of machines rolled out and revenue achieved.