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Cape Town - Caledon casino in the Western Cape, owned by US-listed Century Casinos, has seen a 15.4% rise in revenue in rand terms to R23.3m in the third quarter of 2005 from R20.2m a year
earlier, the company reported on Friday.
Besides Caledon casino, Century Casino also owns Womacks casino in the US and operates casinos aboard cruise ships.
For the nine months to end-September 2005, Caledon casino's revenue rose 15% in rand terms, and by 21.6% in US dollar terms, to $10.8m versus $8.9m in the year-earlier period, the group said.
The strong revenue growth from South Africa was the most significant contributor to Century Casinos' improved third quarter 2005 results, the company noted, helping lift net earnings to $1.3m or $0.09 per share from $1.23m the previous year.
Net earnings at Caledon casino totaled $596 000, down from $643 000 in the third quarter of 2004.
It attributed the strong growth to increased marketing efforts and efficient casino management in South Africa, despite higher costs related to improvements at the Caledon casino over the quarter.
Casino expenses rose by $127 000 or 9.9% y/y, in line with higher revenues, while general and administrative expenses for Caledon rose 23.3% y/y during the quarter.
This was due primarily to a higher level of repair and maintenance spending, the outsourcing of security, and professional fees for accounting services.
The casino's operating margin excluding the effect of the rand-dollar exchange rate, improved to 29% for the nine months to end-September, from 25.6% a year earlier. Net earnings for the first nine months of 2005 were $2.06m, up from $1.57m in the year-earlier period.