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Steven Joffe of Gold Reef

Moneyweb had an interview with Stephen Joffe, the Chief Executive of Gold Reef, and he had some really interesting things to say. He talked about the possibilities of taking the business to Santiago, and how much he liked it there, and how much the investors seem to like the idea as well. With Joffe looking into the area, you can only assume that it will be just a matter of time before other investors think that Santiago might be a good place for them as well.

Even though their stock did not go up as much as they would have liked with the announcement, it is still increasing in an economy where people are more cautious with their money. They feel that any increase is a good sign, even with all of the problems that are sure to come with this kind of venture.

The company has secured another slot machine license in Gauteng, and since Gold Reef makes up more than half of the companies profits, this new casino is going to add to their profitability presumably ten times over. The new casino, Silverstar, is expected to bring in high profits even with the limitations on slot machines and tables that they are going to be allowed. They predict that they will bring in more per slot machine and table than normal, but it will be tough with such small limits.

Those limitations have a lot to do with the fact that the SIlverstar casino has been sitting in Gauteng, and is the only one that has not be completed, even though it has been around for more than eight years. Another reason why it has not been completed is the location as it is close to Montecasino who is fighting to have their location moved so as not to take Montecasino’s revenue.

Their company is responsible for Golden Horse Casino in Pietermaritzburg, Mykonos; Garden Route in Mosel Bay, as well as the Gold Fields casino and the Silverstar casino. They are also looking to the future and contemplating getting into online gaming when it is legal in South Africa.

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