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The town was established in 1905 and named after Goodwood Racecourse in England as the founders intended to make it a racing centre. 

Goodwood is a residential district known for the vast GrandWest Casino and Entertainment World, home to movie theatres, a bowling alley, an ice rink, and restaurants. Also part of the complex, the Grand Arena hosts shows by South African and international artists. The N1 City Mall has major retail stores and entertainment, while steakhouses, pizzerias, and fast-food spots cluster on Voortrekker Road.

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