SUI - Sun International Limited - Sun Internationa
SUI
SUI
SUI - Sun International Limited - Sun International pursues opportunity in Chile
Sun International Limited
(Incorporated in South Africa)
(Co reg no 1967/007528/06)
Share code: SUI ISIN: ZAE000070678
SUN INTERNATIONAL PURSUES OPPORTUNITY IN CHILE
Sun International has concluded an agreement with International Group of Gaming
& Resorts and the Novomatic Group of companies, the Austrian-based gaming
manufacturer and operator, to acquire a 40% equity interest in Chilean entity
San Francisco Investment SA, which holds a 15-year casino license in Region VI
of Chile. Sun International considers this to be the premier casino opportunity
in Chile.
The involvement of Sun International is subject to the country`s regulator, the
Superintendencia de Casinos de Juego (SCJ), approving an application which will
be made shortly. The processing of the application will entail the completion of
standard probity investigations by the SCJ that are anticipated to be completed
within the next few months.
Should Sun International`s involvement be approved, the company will acquire
equity in San Francisco Investment SA for a yet to be disclosed amount and will
benefit from long term management and consultancy agreements.
The casino will enjoy a 70 km exclusivity zone, drawing its customers primarily
from the cities of Rancagua and Santiago with a total population in excess of 6
million.
It is projected that the property will have 1,500 slot machines, 80 tables and
300 bingo positions. It will also have hotel, conference and sports facilities,
as well as an amphitheatre, retail, tourist information centre, entertainment
amenities for families and a variety of bar and restaurant outlets.
This project is consistent with Sun International`s global expansion strategy.
Chile is considered by the group as a country with a stable and progressive
government, strong economic prospects and good tourism and investment potential.
The country has recently introduced a new gambling dispensation and is
considered internationally to be a well regulated jurisdiction with a highly
regarded legislative framework. The greater Santiago area is the industrial and
financial centre of Chile, and accounts for 45% of the country`s GDP.
It is anticipated that construction would commence shortly with the casino
component of the complex scheduled to open mid 2008.
19 March 2007
For further information, please contact Tamra Veley on 083 251 3658.
Date: 19/03/2007 09:19:53 Produced by the JSE SENS Department.
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