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.
effective ownership (as at 30 June 2015)
GPI directors at Worcester Casino board level
Alex Abercrombie, Hassen Adams
Total: 233 employees
- One casino
- One three-star hotel
Key financial performance indicators (R’000s)
|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.