Sun International Rise in Revenue in 2021 Up 29% to R7.8 Billion
Sun International (JSE: SUI), based mainly in South Africa, released its financial statement for 2021, and revenue had risen by 29% to R7.8 billion for the year-end. With earnings at R265 million, all this was achieved while the casino was trading under restrictions due to COVID-19. This came after a loss of R409 million in 2020 when the pandemic was at its height.
During an interview, Anthony Leeming, the CEO of Sun International Group, explained some of the challenges the company faced during 2021.
The COVID-19 restrictions meant there was widespread use of dividers and more space between slots and tables. Also, Sun International tried to keep crowds down, which meant they couldn't host the big shows or events normally associated with a casino resort.
The conference market for international business meetings was impacted a lot during the pandemic as well. However, that sector is starting to rebound as restrictions are gradually being eased. With hotels across the region, the occupancy had remained quite high in some of the resorts due to the fact they were local leisure destinations anyway. However, Leeming stated the company would still like occupancy to be higher across the group, and again the easing of restrictions will help this.
SunBet is Sun International's online gaming platform and sportsbook. Leeming said that SunBet is in the early phase of its existence, and the company is focusing on growing its customer base and increasing revenue.
Through the pandemic, the group has fundamentally re-evaluated how it operates, with a focus on efficiencies and permanently eliminating cost inefficiencies and a renewed strategic intent. Our unique omnichannel offering across casinos, limited payout machines, online gaming, sports betting, resorts and hotels provides an integrated premium gaming and leisure customer proposition which supported the resilience and recovery of revenue for the group during 2021.
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