Glitz and glam were the order of the night at the unveiling of Gold Reef City’s $32 million refurbishment. This is part of the $72 million that gaming and hotel giant, Tsogo Sun, set aside for revamping its properties.
Tsogo Sun took over Gold Reef City in 2011. Tsogo Sun’s CEO, Marcel Von Aulock, expects good returns with the investment.
“Gold Reef does between $35 and $40 million a year. It’s the third biggest casino in our portfolio after Monte Casino and Sun Coast. Our issue in the gaming industry at the moment is slow growth, but that’s very much driven by consumer sentiment. Consumer sentiments is bad in South Africa, but we are doing well,” says Aulock.
Tsogo Sun, which in the last six years has invested over $800 million in expansions, acquisitions and hotels, is looking to diversify its visitors, catering largely for families as a whole.
Tsogo Sun’s director, Zibusiso Kganyango, says it has done numerous changes to Gold Reef City, including the expansion of the casino floor.
“We’ve developed cinemas, we now have six cinemas. There’s the bowling alley, the magic company. We’ve got restaurant courts, food courts and we’ve essentially converted Gold Reef into a family destination,” says Kganyango.
Tsogo Sun will put in a further $14 million to complete Gold Reef City’s refurbishment.