Gaming

Worcester Casino

Profile

Worcester Casino owns 100% of the Golden Valley Casino which is situated in the Breede River Valley, an hour’s drive from Cape Town. The Worcester Casino is one of the most intimate casinos in the Western Cape. Whether you’re in town for a small conference, travelling through Worcester or planning a weekend gaming getaway, the Worcester Casino will give you a taste of friendly Boland hospitality.

ownership structure

logo

25.1%
effective ownership (as at 30 June 2015)

factsheet

managing executive

Keenan Bergins

GPI directors at Worcester Casino board level

Alex Abercrombie, Hassen Adams

BBBEE rating

Level 2

Employees

Total: 233 employees

Head office

Cape Town

Operational footprint

  • One casino
  • One three-star hotel

Key financial performance indicators (R’000s)

2015 2014 2013
Revenue 149 135 143 487 133 129
EBITDA 25 239 24 714 27 930
Net profit/(loss) after tax (2 858) (113) 1 406
Total debt excluding shareholder loans 135 320 127 545 134 519
 

Operating context, performance and prospects

The Worcester region’s economy, where the Worcester Casino is situated, remained stable during the past year, which has resulted in low growth for the region. This affected the performance of the casino, which showed a 3.9% increase in its revenue to R149.1 million (2014: R143.5 million) year-on-year. Costs were controlled as far as possible and the EBITDA increased by 2.1% year-on-year to R25.2 million (2014: R24.7 million).

New initiatives are being looked at to drive feet into the casino, which include creating a high-end slots area in the casino, an outdoor facility and hosting poker and blackjack tournaments at the casino. Alternatives are being considered regarding the current debt structure in order to reduce the interest burden on the casino.

The casino holds significant strategic value for GPI in light of the continued debate around the relocation of a second Western Cape casino licence to the Cape Metropole. In the event of a relocation happening, Worcester Casino would be eligible to relocate.