Search:  
Western Cape Business News
989
VIEWS

Send  Share  RSS  Twitter  27 Aug 2009

GAMBLING: GrandWest Runs Into Trouble

 



Recent Western Cape Business News

Leading leisure group Sun International has reported a 6% increase in revenue but a 3% drop in EBITDA for the year ended 30 June 2009 and Cape Town's Grandwest too suffered.

Group revenue at R8.04-billion was 6% up on the previous year, with a 3 percentage point drop in the EBITDA margin to 34.2% following subdued revenue growth and operating cost inflation.

Key properties GrandWest and Boardwalk continued to experience challenging trading conditions in their local markets, although cost containments reduced the impacts on margins. GrandWest’s revenue at R1 642 million and EBITDA at R675 million were 7% and 8% below last year respectively with the EBITDA margin declining marginally by 0.7 percentage points to 41.1%. Boardwalk experienced a decline in revenues and EBITDA of 7% to R418 million and R172 million respectively, resulting in an unchanged EBITDA margin of 41.1%.

The Table Bay hotel achieved occupancy of 67% (74%), with an average room rate of R1 930, an 11% improvement on last year. EBITDA declined by 6% to R65 million due primarily to higher operating costs that were significantly impacted by higher property taxes.


 
 
 
riebeek-valley-hotelBusiness Profilesseed-designjean-keysengineering-cape-town
 
   
 
 
 
  Accomodation
Accommodation


Online Foreign Exchange
Foreign Exchange


Directory
Directory


Fax
Fax 2 Email


Finance
Finance


Furniture
Furniture


Casino
Online Casino


Restaurant
Restaurant


Auctions
Shop Online


Study IT
Study IT Online


Web design
Web Design


Weddings
Weddings


Work
Work from Home
 
 
 
 
 
Company News
 
 

 

© 2019 www.wcbn.co.za. All rights reserved.

Daily Newsletter Subscription

 

Subscribe to the Western Cape Business News Daily News and information email (it's free).

Thank You
Your email address has been added.

Name:
Email Address: