Sun International Witnesses 11.6% Income Rise in the First Half of 2023

Sun International Group detailed strong progress in its half-yearly report, showing an 11.6% rise in income to R5.78bn for the first half of 2023. The group operates multiple accommodations, including Table Bay hotel in Cape Town and Sun City resort in the North West province, both witnessing considerable growth in their segments with an income escalation of 26.9% to R1.42bn.

The group's optimal performance, according to CEO Anthony Leeming, is due to the tireless work done over the past three years which paved the path for today's success. An impressive boost of 10.1% was also observed in adjusted headline earnings per share, advancing from 179 cents per share to 197 cents per share.

Part of the revenue increase came from Sun International's gaming segment, incorporating nine urban casinos, where income rose by 6.6%. In spite of an unfavorable economic atmosphere and heightened rivalry, casino earnings remained robust, showing a 3.2% increase.

SunBet, an online gaming arm of the group, also played a significant role in surging the consolidated income by recording a staggering 138.4% growth in comparison to the first half of 2022. Leeming emphasized on the potential of online gaming and expressed confidence in the brand's capability to expand further in this area, despite minor setbacks at Sun Slots linked with loadshedding.