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).

Harrah’s Entertainment’s Emerald Casino Resort, which owns a casino on the Vaal River south of Johannesburg, will “aggressively” challenge Gold Reef Resorts Ltd.’s plans to build a casino in the same area. “We know that they have been trying to get a license for a number of years,” Emerald’s CEO Martin Rice said in an interview from his mobile phone today. Emerald has previously opposed an application by Gold Reef, he said, and will “aggressively oppose any application for a license or attempt to build a casino.”

Gold Reef Casino Resorts Ltd., whose planned acquisition by Ethos Private Equity Ltd. was thwarted by regulators, rose the most in more than eight years in Johannesburg trading after Tsogo Sun Holdings Ltd. said it may bid. Gold Reef advanced as much as 4.31 rand, or 19 percent, to 27.01 rand, the biggest gain since December 15, 1999. The stock traded at 26.60 rand as of 9:44 a.m. local time, giving the Johannesburg- based company a market value of 7.8 billion rand ([[USD]] 994 million).

Johannesburg (Reuters) - South African casino operator Gold Reef Resorts said on Monday it had failed to win approval from gambling authorities for a proposed private equity buy-out by Friday's deadline, ending the 9.85 billion rand (USD 1.32 billion) deal. Gold Reef said in September last year a consortium known as Bidco, including South African private equity firm Ethos Private Equity and Goldman Sachs, will pay 34 rand per share for the group.