ANOTHER VERY GOOD YEAR

We  continued  to  build  and  grow  our  business

during the year under review.

Our financial performance was excellent, assisted

by the strength of consumer spending on the back of continuing

low interest rates and lower inflation in South Africa.

We  opened  the  Sibaya  casino  and  Entertainment  Kingdom  at

the beginning of December 2004. This completed the major capital

expenditure  relating  to  our  success  in  obtaining  new  gaming

licences in South Africa.

Our commitment to transformation was further manifested in our

announcement to move forward in structuring a BEE participation

in  the  shareholding  of  Sun  International,  and  our  recent

appointments at senior executive level.

We continued to progress our technology to enable us to maintain

our  leading  position  in  the  market,  particularly  in  the  casino

gambling sector.

Chairman’s  report

We intend to

retain  leadership  of  the  markets  in  which  we  operate  through  innovation,

an  obsession  with  ser vice  excellence  and  the  deliver y  of  unique,  market

leading  and  customer  focused  products.