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SUI
SUI
Sun International Limited - Business Update for the quarter to
30 September 2006
Sun International Limited
(Incorporated in the Republic of South Africa)
(Registration number 1967/007528/06)
Share code: SUI & ISIN: ZAE000070678
("the group" )
Business Update for the quarter to 30 September 2006
Trading
The group has achieved good results in the quarter, with overall revenue
growth of 16% over last year. Casino and rooms revenues were 18% and 15%
ahead of last year respectively, while food and beverage and other was up
only 4% on last year due to a change in the recognition of outsourced
contracts at Sibaya (comparative growth would have been 9%).
GrandWest, Sibaya, Boardwalk and Carnival City performed well achieving
revenue growth of 15%, 13%, 17% and 12% respectively. The Carousel and
Meropa casinos had an excellent quarter with revenues up 24% and 26%,
respectively.
The average room occupancy of the group"s hotels and resorts for the
quarter at 72.4% was 4.5 percentage points up on the previous year. The
resort at Victoria Falls achieved excellent growth in revenues of 22% over
last year in US dollar terms.
The overall EBITDA margin of 34,3% has shown further improvement on the
margin of 31.2% for the comparative quarter last year .
Summary of group revenue and EBITDA
Quarter to September
2006 Change 2005
(Rm) (%) (Rm)
Revenue 1592 16 1374
Casino 1246 18 1057
Rooms 170 15 148
Food and beverage and
other 176 4 169
EBITDA 546 27 429
EBITDA margin (%) 34,3 31,2
Developments
The 118 room Sibaya Lodge opened to the public on 16 October 2006 and was
completed within the projected cost of R83 million.
The Golden Valley Casino at Worcester remains on schedule for opening in
November 2006. Construction will commence early in 2007 on the R60 million
hotel component, comprising 90 three star rooms, and is scheduled to open
in the later half of the year.
The GrandWest expansion is progressing well and certain facilities
including the enhanced Salon Prive and some additional slot areas are
scheduled to open to the public in December 2006. The main smoking casino
remains on schedule for opening at the end of June 2007.
We are investigating a potential opportunity for a major integrated resort,
casino and leisure development on the outskirts of Moscow in Russia. The
group"s final decision to proceed with the opportunity will be dependent on
a satisfactory regulatory framework for a new gambling industry
dispensation in the Moscow region.
Sandton
26 October 2006
Date: 26/10/2006 12:00:03 PM Produced by the JSE SENS Department
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