CASINO SOUTH AFRICA Sun International pays first dividend in six years 5 months ago Iwo Bulski Post Views: 250 South African entertainment company Sun International announced Monday it will pay its first dividend in six years after the group’s gaming income rose 30% in the first six months of the year. As reported by Bloomberg, the decision to declare an interim dividend of 88 cents ($0.05) per share came after the owner of casinos and hotels, including the Sun City resort northwest of Pretoria, reported a first-half profit after two years of losses, and reduced its overall debt by ZAR 500 million ($29 million) to ZAR 6.6 billion ($390 million). The hotel and casino operator was forced to temporarily close its properties in March 2020 amid lockdown measures due to COVID-19, resulting in a loss for that financial year. Even though the group has benefitted from the resumption of travel and tourism activities, including hospitality, gambling turned out to be the triumph card. It was gaming income from casinos, Sun Slots and online platform SunBet -which make up 82% of group income- that strengthened its financial position. “Casino income has proven resilient and is swiftly recovering from the effects of the pandemic. Income generated from Sun Slots recovered to exceed pre-pandemic levels and SunBet generated record income during the period under review,” – the group stated. Sun International shares were 1% lower in Johannesburg, as the broader South African benchmark index fell 1.7% as of 9:30 am, Monday. “Our operations improved significantly during the first six months of 2022, due to the last pandemic-related restrictions having been lifted and we anticipate that this trend will continue for the remainder of the year. With our ongoing focus on costs and efficiencies, we anticipate a significant improvement in the second half of the year compared to the prior comparative period and consequently strong growth in adjusted EBITDA and earnings per share.” – the company noted. Source: yogonet.com 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, dividend, South Africa, Sun International Continue Reading Previous Lille closes partnership with 1xBet for the African marketNext Contributing factors to the economic expansion in Africa More Stories ONLINE SOUTH AFRICA 2023 Northern Cape Online Championships 6 hours ago Szarlot EXPERTS SOUTH AFRICA Only 2 Months at The BiG Africa Summit 2023! 7 hours ago Iwo Bulski EXPERTS SOUTH AFRICA South Africans spent big on groceries, entertainment and fuel in December 7 hours ago Szarlot BETTING SOUTH AFRICA Betfred SA denies it owes Joburg City Power over R3m in unpaid lights bill 1 day ago Szarlot EXPERTS SOUTH AFRICA The Gambling Laws of South Africa 6 days ago Szarlot CASINO NIGERIA Nigeria Could Become Africa’s Premier Gambling Region 2 weeks ago Samuel CASINO How Casino Has Changed the Fashion World 2 weeks ago Szarlot CASINO SOUTH AFRICA COSATU North West welcomes the decision to retain the casino license in Mafikeng 2 weeks ago Samuel BETTING SOUTH AFRICA SIS extends Africa footprint with Jolibet deal for Racing content 2 weeks ago Szarlot CASINO WORLD NEWS Macau jails gambling ‘junket king’ Alvin Chau for 18 years 2 weeks ago Iwo Bulski EXPERTS SOUTH AFRICA How Lottery Money Was Used To Fund Mansions For High Flyers 2 weeks ago Iwo Bulski ONLINE SOUTH AFRICA What is pulling the plug on digital arts in South Africa? 2 weeks 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.