The smoking ban was implemented in Chile in March 2013 and had knocked one of Latin America’s best casinos, Monticello’s, revenue down by 22 per cent for the half year. Sun International Limited 0.07% which now has a 98.9 per cent stake in Monticello since July this year, therefore opened four new smoking decks in September and October, resulting in revenue growth of ten per cent for the second half of the year.
“The recovery in revenues in recent months and a comprehensive restructure of the business resulted in EBITDA (earnings before interest, taxes, depreciation and amortisation) in the second half of the year increasing by 56 per cent to 9.5 billion Chilean pesos on last year at an EBITDA margin of 24.8 per cent, which creates a positive outlook for the year ahead,” said the group in a statement.
Total group revenue for the period increased by 5.4 per cent to 10.8 billion rand while EBITDA was up five per cent at 3.1 billion rand, reflecting a significant turnaround in the second half of the year in which revenue was up 7.4 per cent compared to 3.6 per cent in the first half of the year.
Adjusted headline earnings and diluted adjusted headline earnings per share both however declined by six per cent to 683 million rand and seven per cent to 655 cents respectively. A final dividend of 155 cents was declared, bringing the total dividend for the period to 245 cents, a decline from last year’s 265 cents.
In Sun International’s South African operations, Grand West Casino’s revenue increased by eight per cent to 2 billion rand while Sun City’s revenue was nine per cent higher at 1.4 billion rand with the casino division’s profits up 16 per cent to 519 million rand. Sibaya Casino’s revenue grew by five per cent to one billion rand while Carnival City’s revenue declined by two per cent to one billion rand due to increased competition from Electric Bingo Terminals and Limited Payout Machines.
In the groups’ hotel operations, the Table Bay Hotel achieved revenue growth of 29 per cent to 233 million rand driven by a 40 per cent increase in international room nights sold which accounted for 73 per cent of rooms’ revenue.
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“The recovery in revenues in recent months and a comprehensive restructure of the business resulted in EBITDA (earnings before interest, taxes, depreciation and amortisation) in the second half of the year increasing by 56 per cent to 9.5 billion Chilean pesos on last year at an EBITDA margin of 24.8 per cent, which creates a positive outlook for the year ahead,” said the group in a statement.
Total group revenue for the period increased by 5.4 per cent to 10.8 billion rand while EBITDA was up five per cent at 3.1 billion rand, reflecting a significant turnaround in the second half of the year in which revenue was up 7.4 per cent compared to 3.6 per cent in the first half of the year.
Adjusted headline earnings and diluted adjusted headline earnings per share both however declined by six per cent to 683 million rand and seven per cent to 655 cents respectively. A final dividend of 155 cents was declared, bringing the total dividend for the period to 245 cents, a decline from last year’s 265 cents.
In Sun International’s South African operations, Grand West Casino’s revenue increased by eight per cent to 2 billion rand while Sun City’s revenue was nine per cent higher at 1.4 billion rand with the casino division’s profits up 16 per cent to 519 million rand. Sibaya Casino’s revenue grew by five per cent to one billion rand while Carnival City’s revenue declined by two per cent to one billion rand due to increased competition from Electric Bingo Terminals and Limited Payout Machines.
In the groups’ hotel operations, the Table Bay Hotel achieved revenue growth of 29 per cent to 233 million rand driven by a 40 per cent increase in international room nights sold which accounted for 73 per cent of rooms’ revenue.
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