South Africa – How much money Sun City, Montecasino and other casinos are cashing in

How much money Sun City, Montecasino and other major South African casinos are cashing in Staff ? Gambling is a multi-billion rand industry in South Africa, that brought in close to R30 billion in gross winnings for casinos in 2018.

While this figure includes sports betting, horse racing and even bingo – the largest portion of revenue is drawn from casinos.

In 2018, South Africa’s gambling industry brought in total turnover (money wagered) of R390 billion – R276.5 billion from casinos. Gross Gambling Revenue (GGR) for the whole industry was at R28.7 billion, with casinos taking R18.42 billion – representing a 93.3% payout (in winnings).

Casinos have some of the highest payout rates among the different types of gambling, second only to bingo. But even with such a large proportion of take going back into the pockets of gamblers, the house still wins big – very big.

Hotel and casino gaming group Tsogo Sun published its annual results for the year ended March 2019 on Thursday (23 May), showing strong growth in its gambling segment. According to Tsogo Sun’s annual report, its casinos brought it net gaming revenues (earnings after payouts) of R9.8 billion in the 2019 financial year. Combined with other revenues (from casino stays, food and other services) this total is boosted to R11.6 billion.

The group’s biggest casino property, Montecasino, brought in the largest amount – R2.7 billion.

This was followed by Suncoast Coast (R1.7 billion), Gold Reef City (R1.5 billion) and Silverstar Casino (R691 million).

For its full year (to December 2018), competing casino group Sun International reported net gaming wins of R8.9 billion for the year from its South African operations, which include the likes of Sun City, Carnival City and Time Square in Pretoria.

GrandWest Casino in Cape Town was the highest earner in the group, pulling in a total of R2.2 billion for the group, followed by Sun City (R1.7 billion) and Sibaya (R1.26 billion).

Notably, the casino earnings at Sun City (R512 million) are only the sixth largest at the group.

Source: businesstech.co.za

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