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SUI
SUI
SUI - Sun International Limited - Business update for the quarter to 30
September 2007
Sun International Limited
(Incorporated in the Republic of South Africa)
(Registration number 1967/007528/06)
Share code: SUI & ISIN: ZAE000097580
Business update for the quarter to 30 September 2007
Trading
The group has achieved satisfactory results in the quarter, with overall
revenue growth of 13% over last year. Casino and rooms revenues were 14% and
9% ahead of last year respectively. Trading in the month of September was
disappointing, with revenue up just 8%. However, revenue growth recovered in
October and revenue for the month was 13% above last year.
Revenue growth for the quarter at Sibaya was strong at 31% over last year,
while both GrandWest and Carnival City achieved revenue growth of 11%.
The group achieved satisfactory growth in EBITDA over the same quarter last
year with the EBITDA margin up 0.7 percentage points.
Quarter to September
2007 Change 2006
(Rm) (%) (Rm)
Revenue 1 803 13 1 592
Casino 1 426 14 1 246
Rooms 186 9 170
Food and beverage and other 191 9 176
EBITDA 631 16 546
EBITDA margin (%) 35,0 34,3
Developments
The GrandWest 5 000-seat arena opened on 24 October 2007 and the upgrade of
the non-smoking casino floor is scheduled for completion by the end of
November 2007. The overall cost of the GrandWest expansion remains in line
with expectations at R450 million.
Construction of the 98-room hotel at the Golden Valley Casino in Worcester is
progressing well and is expected to be completed during March 2008 at a cost
of R68 million.
The Carnival City multi-level parkade construction is progressing well and is
scheduled for completion during May 2008 at a cost of R82 million.
The first phase of the 170 room refurbishment at the Sun City Main Hotel is
near completion. The balance of the rooms will be refurbished over the next
year with completion scheduled for November 2008. The total estimated cost of
the refurbishment remains at R260 million.
Developments regarding shareholding in SunWest
Shareholders have previously been advised that the group has entered into
binding agreements with Grand Parade Investments limited (GPI) whereby it is
intended that GPI will hold a 30% economic interest in SunWest. All the
relevant approvals have been obtained, and the parties are in the process of
implementing the transactions.
Wild Coast Sun casino licence
The Eastern Cape Gambling & Betting Board has initiated a bidding process for
the issue of a casino licence in zone five of the Eastern Cape where the Wild
Coast Sun currently holds a licence which is due to expire on 31 August 2009.
The group will be submitting a bid for this licence for the Wild Coast Sun and
the process is anticipated to be concluded in June 2008.
Chile
Construction of the Mostazal Casino project near Santiago is progressing well.
The casino, retail and entertainment components are scheduled for completion
in the last quarter of the 2008 calendar year and the hotel at the end of the
first quarter of 2009. The Chilean licensing authority is in the process of
conducting their investigation of the group with the group`s investment in the
project remaining subject to the final approval from the regulator that is
expected shortly.
Nigeria
The group has assumed operational responsibility for the Federal Palace Hotel
on Victoria Island, Lagos, and planning for the refurbishment of the property
is well advanced. Agreements with the group`s partners have been signed and
finalisation of the issue of the casino licence is in process. The group`s
investment in this project remains subject to the issue of the casino licence.
6 November 2007
Date: 06/11/2007 15:17:43 Produced by the JSE SENS Department.
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