Sun International has reported its financial results for full-year 2023, highlighting a 7% growth in income (perceived to be the equivalent of revenue) to R12.1bn (US$0.5bn).
The gaming market in South Africa grew for a third successive year to R55.8bn in 2023, a very important metric considering 76.8% of Sun International’s total group income comes from its gaming income.
For its gaming income, the group recorded a 3.3% increase, with casino income seeing only a slight 1% fall in its number.
Looking closer at its brands, SunBet achieved record income and profitability, with its income during 2023 up 116.2% compared to the year prior. These positive numbers for the online betting brand mean it is exceeding its five-year targets for growth.
Sun City set a record during the year as well for adjusted EBITDA, pre-management fees of R455m, while resorts and hotels income increased by 17.4%, with Sun City achieving record profitability and net positive cash flow contribution to the group.
Within the report of the 2023 financial results from Sun International, it said: “Our results once again demonstrate that Sun International has a unique integrated portfolio of high-quality gaming and hospitality businesses that will continue to deliver sustainable earnings and position us well for growth.
“SunBet is achieving significant income growth and is exceeding key performance indicators. This strong momentum is expected to continue with another substantial increase this year as the business expands rapidly.
"Our resort and hotel properties have continued to perform exceptionally well, and we anticipate another good year from them in 2024. Overall, we are seeing positive growth in both income and adjusted EBITDA.”
Sun International announced the proposed acquisition of Peermont back in December and, further to this, the group has said that it was put to vote by shareholders at an Extraordinary General Meeting, with shareholders overwhelmingly approving the proposed acquisition.
This proposed acquisition now awaits regulatory approvals.
