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Casinos counting losses from lockdowns

from DION HENRICK in Cape Town
CAPE TOWN – GRANDE Parade Investments (GPI) has reported a R9,6 million (US$649 201) decrease in revenue to R49,4 million over the past year.

This as its casino portfolio reels from the COVID-19 lockdowns.

The figures are for the six months ended December 31, 2021.

This is down from R58,9 million in the prior corresponding period.

Nonetheless, net profit after tax increased by R8,8 million to R16,5 million.

SunWest struggled under lockdown regulations with COVID-19 related restrictions continuing to impact revenue generation.

The subsequent easing of restrictions during December has since had a positive effect on the performance of the business.

Although SunWest has showed recovery over the period the business still trades below pre COVID-19 levels (six months ended 31 December 2019).

Revenue for the period under review is 48 percent less than reported for period ended December 31, 2019.

Revenue increased by 10 percent from R606.8 million for the six months ended 31 December 2020 to R665,3 million.

The gradual easing of the COVID-19 restrictions has allowed Sun Slots to recover to pre COVID-19 levels.

In comparison with pre COVID-19 levels, revenue for the current period under review is marginally, 3,1 less than the period ended December 31, 2019.

For the six months ended December 31, 2021 Sun Slots revenue increased by 17 percent to R683,72 million for the period ended December 31, 2021.

GPI stated the decrease in the severity of Omicron strain of COVID-19 coupled with the easing of the lockdown and travel restrictions had created a welcomed shift towards normality.

“GPI is well positioned to take advantage of this positive shift which will aid the recovery of the Gaming businesses.”

– CAJ News

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