CAI sells Holding in Gold Reef Resorts

27.05.2009, Improved currency situation opened up good exit conditions

Casinos Austria International (CAI) today announced the successful closure of the sale of its holding in South Africa. The company's 20.6 percent stake (60,226,988 shares) in JSE-listed Gold Reef Resorts Ltd was purchased on 21 May by a leading South African fund manager for a purchase price of 963 million rand (approx. 82 million euro).

Dr. Karl Stoss, Director General of Casinos Austria and Chairman of Casinos Austria International expressed his delight with the closure of the sale: "As shareholders and management partners, we can be proud of Gold Reef's economic development and of the value it has created for investors."

The sale reflects Casinos Austria's stated strategy to focus in future on holdings in which the company holds significant management control. It also allows the company to take advantage of the rand's current relative strength.

Source: Casinos Austria International

Over the last twenty-five years, Casinos Austria International (CAI) has gained extensive experience in building casinos, hiring and training staff and implementing security systems and procedures.

After achieving its first successes in the international market in Europe, CAI soon began expanding world-wide, operating casinos on cruise ships, opening up the excursion cruise market in Florida, along with launching operations in Africa, South America, Australia, South Africa, Canada, the Palestinian Authority and India.

In its history, CAI has opened over 100 land-based casinos in 23 different countries around the world and 80 shipboard operations on board luxurious cruisers.

		
 
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