CASINO SOUTH AFRICA How much money South Africa’s biggest casinos lost over the past year 2 years ago Iwo Bulski Post Views: 511 Sun International, the hotel chain and casino group says that the Covid-19 pandemic had a significant impact on its business for the year ended December 2020, with group adjusted headline earnings down from R763 million to a loss of R1.1 billion, and an adjusted headline loss of 633 cents per share. Income from continuing operations declined by 49% from R11.8 billion to R6.1 billion and continuing adjusted EBITDA reduced by 72% from R3.2 billion to R897 million, it said. For the first six months of the year in South Africa, income declined by 55% to R2.5 billion compared to the prior corresponding period, with adjusted EBITDA down by 95% to R80 million. With the resumption of trading of most operations from 1 July 2020, income and adjusted EBITDA improved steadily throughout the remaining six months until the move to an adjusted level 3 lockdown, the imposition of the 8pm curfew and alcohol sales ban in mid-December 2020. This led to a significant drop in activity and cancellation of bookings for the second half of December 2020 and into January 2021, the group said. Overall income from the South African operations declined by 48% from the prior year to R6 billion with adjusted EBITDA down by 70% to R984 million. As a result of the extended lockdown and anticipated slow recovery, Sun International incurred impairment charges of R1.3 billion – being Sun City (R900 million), Boardwalk (R180 million), The Maslow Sandton (R96 million), intangible assets of R72 million, and other individual assets of R9 million. For South Africa, casino income slumped to R4 billion, down 50% from 2019, while rooms revenue declined 38% to R368 million, and food and beverage revenue dropped 37% to R335 million. The group said that despite the extensive restrictions on trading, South African casino income showed a positive trend in the second half of the year and increased as a percentage of 2019 from 52% in the third quarter to 71% in the last quarter of 2020. “Our casino market share since the lifting of the lockdown in the competitive Gauteng and KZN markets increased to 28.4% and 39.6% respectively which was 2.5% and 2.0% higher compared to the prior corresponding period in 2019.”(…) Read full stories THERE 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: Casinos, COVID, Sun International Continue Reading Previous Brazil striker Gabigol arrested in clandestine casinoNext Three Musketeers More Stories EXPERTS SOUTH AFRICA South Africa starts regulating cryptocurrency exchanges 3 days ago Samuel LOTTERIES SOUTH AFRICA Final call for R7.5m Powerball jackpot winner 3 days ago Szarlot ONLINE SOUTH AFRICA Bitville Gaming South Africa Expands Its Product Bouquet through TVBET 3 days ago Iwo Bulski BETTING SOUTH AFRICA Pragmatic Play Expands South African Footprint with World Sports Betting 4 days ago Samuel LOTTERIES SOUTH AFRICA Best Lucky Numbers Games in South Africa 4 days ago Iwo Bulski HISTORY SOUTH AFRICA Blackjack: Its history and how it became popular 5 days ago Szarlot CASINO WORLD NEWS Novomatic attains G4 certificate in Italy and Spain 5 days ago Iwo Bulski CASINO WORLD NEWS CT Interactive in strategic deal with Kajot 6 days ago Iwo Bulski LOTTERIES SOUTH AFRICA Someone bags R74m Lotto jackpot via a banking app 6 days ago Samuel EXPERTS SOUTH AFRICA Suspect arrested for robbery and impersonating Gambling Board official 7 days ago Samuel ONLINE SOUTH AFRICA How to watch eSports from anywhere 7 days ago Szarlot BETTING SOUTH AFRICA Hollywoodbets Announces Bafana Bafana Legend Teko Modise as a Brand Ambassador 1 week 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.