Sun International Records Impressive Growth in Gaming and Tourism Sector
Sun International has recently released their latest financial results, showcasing a significant growth in gaming earnings and a remarkable boost in their resorts and hotels.
Despite the challenges posed by the economic climate and increased competition, the company has managed to achieve substantial growth in key sectors such as leisure, sports, and business tourism. Sun International growth results
One of the standout performers for Sun International has been SunBet, which has experienced a remarkable 80% increase in earnings year on year.
The surge in leisure, sports, and business tourism has also positively impacted revenue from rooms, food, and beverages, showing a commendable 24.1% growth.
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Overall, the group’s income has increased by 7% to R12.1-billion, with SunBet generating an impressive 116.2% more income than the previous year. The company’s resorts and hotels have also seen a significant boost, with a total revenue of R3-billion in 2022.
The top three performers were Sun City (up 14.8%), The Maslow (up 24%), and The Table Bay Hotel (up 54.6%).
Sun International’s gaming income, which accounts for 76.8% of the total group income, has seen a 3.3% increase despite challenges such as rolling blackouts and tough economic conditions.
The company’s CEO, Anthony Leeming, attributes this growth to the exceptional performance of the gaming division, “Sun City has seen record Ebitda [operating performance] — the highest it has ever made — and SunBet has had record Ebitda and profitability, rising from R733-million to R221-million in a year.”
SunBet has experienced substantial growth in key performance indicators, with a nearly 270% increase in unique active players, 268% more first-time depositors, and a 162.5% increase in deposits.
The Table Bay Hotel has delivered outstanding results, largely due to foreign tourism, while Sun City has shown positive growth across the board.
“If you look at the restaurants across the group — our food and beverage income from concessionaires is doing incredibly well, with double-digit growth in the urban casinos as well.”
Despite these successes, urban casinos are still facing challenges due to various factors such as economic uncertainty, crime, and high-interest rates.
Leeming emphasized the importance of a growing economy to support the growth of urban casinos, stating that the company is pushing hard to achieve strong growth despite the pressures they are facing, “We have to push really hard. We still expect strong growth, but everything is under pressure.”
Source: Daily Maverick
