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SUI
SUI
SUI - Sun International Limited - Business update for the quarter and nine
months to 31 March 2008
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 and nine months to 31 March 2008
Trading
The performance of the group`s casinos reflected the difficult conditions that
are affecting consumer spending in South Africa. Overall revenue growth for the
quarter was 7% over last year despite Easter falling in this quarter as against
the final quarter last year. Casino revenues were 6% ahead of last year with the
better performances coming from GrandWest and Sibaya which achieved growths of
9% and 12% respectively whilst Carnival City and Boardwalk reflected declines in
revenue compared to last year of 3% and 4% respectively.
Encouraging rooms revenue growth of 15% was achieved for the quarter and the
average room occupancy of the group`s hotels and resorts for the quarter at 78%
was 3 percentage points up on last year.
The slow growth in casino revenues and the decline in GrandWest`s margin as a
result of the enlarged casino floor, resulted in a minor decline in the overall
group EBITDA margin and consequently EBITDA growth of 6% was marginally behind
the revenue growth of 7%.
Quarter Nine months
to 31 to 31 March
March
2008 Change 2007 2008 Change 2007
(Rm) (%) (Rm) (Rm) (%) (Rm)
Revenue 1 887 7 1 762 5 684 11 5 141
Casino 1 440 6 1 358 4 371 11 3 951
Rooms 243 15 212 664 11 598
Food and 204 6 192 649 10 592
beverage and
other
EBITDA 704 6 662 2 093 11 1 879
EBITDA margin 37,3 37,6 36,8 36,6
(%)
Developments
The 98 room Golden Valley Lodge at the Golden Valley Casino in Worcester
opened successfully in March 2008.
The Carnival City Multi-level parkade construction is on schedule for
completion during June 2008.
The second phase of the R260 million refurbishment at the Sun City Main Hotel
commenced in February 2008 with completion anticipated in November 2008.
Wild Coast Sun casino licence
As previously reported, the Wild Coast Sun`s casino licence expires on
31 August 2009. The group has submitted its application for a new casino
licence which includes a R340 million upgrade and enhancement to the resort.
The award of the licence to the successful bidder is currently scheduled for
October 2008.
Chile
Construction of the casino project located south of Santiago in Chile is
progressing according to plan with the casino component on schedule to open
to the public in October 2008. The retail and entertainment components remain
scheduled for completion at the end of calendar 2008 and the hotel is due to
open in May 2009.
The group is awaiting the approval of its partners by the country`s gaming
regulator.
Nigeria
The group is currently managing the Federal Palace Towers hotel on
Victoria Island and is nearing completion of the furnishing of the
recently renovated 150-room Federal Palace Hotel which is anticipated
to open early June 2008.
The final terms of the gaming licence are being considered by the
Nigerian authorities whereupon the licence is planned to be issued and
the refurbishment of the 230-room Federal Palace Towers hotel and the
construction of the new casino can commence.
Outlook
Trading conditions at the group`s casinos in South Africa for the remainder
of the year are expected to remain difficult as a result of the pressures on
disposable income, however this will be offset to some extent by stronger rooms
revenue growth.
8 May 2008
Sandton
Sponsor:Investec Bank Limited
Date: 08/05/2008 12:00:01 Produced by the JSE SENS Department.
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