Sun City operator Sun International continues its strong recovery

Sun International, the South African operator of about a dozen casino properties including Sun Cityhas released its full year results for 2022. The Company’s online gaming operation, SunBet, is reporting record revenue and its land-based operation, including its slots distributor, Sun Slots, is also showing strong revenue growth.

For the year ended December 31, Sun International enjoyed a 10-fold increase of adjusted peak revenues from R110 million (US$5,999,081) to R1.1 billion (US$59,990,810). EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) has almost doubled to R3.3 billion.

Online income up 36%

Anthony Leeming, Chief Executive of Sun International, said: “We are particularly pleased with the significant progress we are making with our online strategy, with SunBet showing strong growth across all key indicators. Gaming revenue from Casinos, Sun Slots and SunBet showed a significant recovery, with revenue increasing by 36%.”

Sun Slots currently owns and operates six Limited Payout Machine (LPM) Route Operators in 4 provinces in South Africa – Grand Gaming Slots runs in Gauteng and Mpumalanga; Hot Slots in Gauteng and Kingdomslots and KZN Slots KwaZulu-Natal as well as Grandslots.

The company brought over 5,000 LPM back in service over 500 more machines were added last year when 2021 was activated.

The CEO added that SunSlots intends to do so add another 1,000 machines to his network.

Leeming explained: “We continue to work with regulators to increase adoption of LPMs to the allocated 6,500 LPM positions‘ according to various reports.

The income of the 100% subsidiary increased by 20% compared to the previous year during its online operation saw SunBet Income increase of more than 85% for the year of outsized growth in the second half of 2022.

“Active players on our rapidly expanding online sports betting and gaming platform continued to grow, offering additional games and improving the overall gaming experience“, it said in a statement.

Whilst online gambling is not considered legal by most in South Africa, this is simply not the case. Online betting and games where players wager on outcomes such as B. roulette, are allowed.

Sun City operator’s achievements continue upward trend

On this day last year SunBet reported revenue for 2021 up 78% from 2020 and 66% from 2019, while gaming revenue is up 33% from 2020 and 30% from 2019 increased broadband, smartphoneAnd Penetration of mobile moneywith SunBet eagerly increasing revenue from mid to high-end customers.

The group expanded into new markets last year with a 70 percent $3.2 million (R58 million) investment in SunBet Africa Holdings.

Leeming said: “The Company holds online sports betting and casino licenses to operate in Ghana, Zambia and Kenya. We are in the early stages of rolling out the SunBet operating model and brand in those markets that have attractive long-term growth potential.

“Our resort and hotel properties have continued to perform exceptionally well and we expect another good year from them in 2023.”

Source: Sun International stands poised for further growth following the post-pandemic recoveryG3 Newswire, March 14, 2023