CASINO SOUTH AFRICA Gaming group looks to South America 3 years ago Iwo Bulski Post Views: 934 Sun International, which owns SA’s Sun City resort, said on Monday it was not expecting a turnaround in SA’s economic conditions in the short term, and was eyeing new opportunities in South America. The JSE-listed gaming and leisure group said on Monday that operating profit lifted 11% to R900m in the year to end June, with after-tax profit jumping 91% to R258m. This was despite subdued trading conditions in SA, as the effects of a tepid economy and VAT increases put pressure on consumer spending. Income from SA operations rose 2% to R5.5bn, while income from Latin America jumped 17% to R2.8bn. The boost came from the acquisitions of Thunderbird Resorts in Peru in April 2018, and the acquisition of the Park Hyatt Hotel in Mendoza, Argentina, in July 2018. The performance of SA casinos was mixed, with Times Square seeing income rise 15% and Sun Slots 13%, while Sun City’s revenue fell 6% and Wild Coast Casino’s 9%. Adjusted group headline earnings per share rose 30% to 136c during the period. Sun International said it was focusing on improving operations and guest experience, and would be seeking further growth opportunities in Latin America, including in online gambling. The company is also to up its stake in Sibaya Casino in KwaZulu-Natal to 87.2% from 64.2%, which is still subject to gambling-board approval. It is seeking to increase its equity interest in Sun Slots to 100% through the acquisition of Grand Parade Investment’s 30% stake, subject to approval. The transactions would allow it to increase its shareholding at attractive multiples, while also reducing cash leakage through the reduction of minority dividends, it said. At 10am Sun International’s share price had risen 2.7% to R39.95, having slipped 36.6% so far in 2019. Source: The Herald About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: casino, South Africa, Sun International Continue Reading Previous South Africa – Clarion Gaming confirm creation of ICE Africa ChampionsNext Casino Semiramis brings Apex gaming solutions to Egypt More Stories BETTING SOUTH AFRICA Kambi Group to Continue Supplying SunBet with Solutions 8 hours ago Samuel CASINO KENYA Illicit brew, counterfeit goods retrieved in a nationwide police crackdown 1 day ago Samuel BETTING SOUTH AFRICA SIS, Kiron Interactive in Africa partnership 4 days ago Szarlot ONLINE SOUTH AFRICA The Rise of Mobile Gaming in South Africa 4 days ago Szarlot LOTTERIES SOUTH AFRICA 18 Lotto Fraudsters Arrested 5 days ago Szarlot CASINO SOUTH AFRICA Wild Coast Sun recognised as best luxury beach resort in South Africa 5 days ago Samuel CASINO WORLD NEWS Black Edition is back for Novomatic 6 days ago Iwo Bulski ONLINE SOUTH AFRICA The Competitive Gaming Scene In South Africa 6 days ago Szarlot ONLINE SOUTH AFRICA 2023 Northern Cape Online Championships 1 week ago Szarlot EXPERTS SOUTH AFRICA Only 2 Months at The BiG Africa Summit 2023! 1 week ago Iwo Bulski EXPERTS SOUTH AFRICA South Africans spent big on groceries, entertainment and fuel in December 1 week ago Szarlot BETTING SOUTH AFRICA Betfred SA denies it owes Joburg City Power over R3m in unpaid lights bill 1 week ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.