Gold Reef gets nod to buy out Silverstar
| 13 November 2006 |    |
HOTEL and gaming group Gold Reef Resorts and its empowerment partner, Akani Leisure Silverstar, received approval on Friday to purchase the entire issued share capital of Silverstar casino on the West Rand by the Gauteng Gambling Board. The decision follows earlier announcements by the group of the purchase of a 92% stake in the casino.
The Gauteng gaming market is the largest and most lucrative region in the country.
Total capital expenditure on Silverstar, which will be jointly owned by Gold Reef Resorts and Akani, is expected to reach about R1,1bn. The casino will have 700 slot machines and 30 tables as well as a hotel, restaurants and conference facilities.
The board also approved the termination of Silverstar's management contract with Century Resorts.
Article By: Business Day
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