CASINO SOUTH AFRICA Gaming group looks to South America 3 years ago Iwo Bulski Post Views: 880 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 EXPERTS SOUTH AFRICA BMM South Africa gets licensed to provide compliance testing services in Tanzania 18 hours ago Iwo Bulski EXPERTS SOUTH AFRICA GLI Africa expands service offering 19 hours ago Samuel EXPERTS SOUTH AFRICA Illegal slots seized, destroyed in raids 3 days ago Iwo Bulski CASINO Why do people love slot machines? 2 weeks ago Samuel ONLINE SOUTH AFRICA Africa Records a High Number of Gamers 2 weeks ago Iwo Bulski BETTING SOUTH AFRICA South African start-up wagers on peer-to-peer betting 3 weeks ago Szarlot ONLINE SOUTH AFRICA How gambling has evolved world-wide 3 weeks ago Iwo Bulski ONLINE SOUTH AFRICA Online slots go live in South Africa 4 weeks ago Iwo Bulski LOTTERIES SOUTH AFRICA Top Lottery Exec to Face New Corruption Inquiry 4 weeks ago Szarlot ONLINE SOUTH AFRICA South Africa Plans To Regulate Cryptocurrencies 4 weeks ago Szarlot CASINO GAMES Top reasons to play online slot machines. 4 weeks ago Fahad Luyzburg LOTTERIES SOUTH AFRICA R7.5 Billion in Mega winnings up for grabs with Lottoland SA! 4 weeks ago Samuel 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.