Sun International H1 HEPS up 86%

Sun International, a leading hospitality and gaming company, has announced impressive financial results for the first half of 2023, showcasing continued growth and resilience in the face of economic challenges. CEO Anthony Leeming shared insights on the company's performance in a recent CNBC Africa interview. The CEO highlighted a general improvement across the company, with various divisions delivering strong results. The hotels and resorts division saw significant growth, driven by conferencing and the return of international travelers. Sun International's online business, Sunbet, demonstrated exceptional performance, with a 138% increase in revenue and strong growth in key indicators such as subscribers and unique deposits. Despite a challenging economic environment, the casino business proved to be resilient, maintaining year-on-year revenue growth. The company's focus on efficiency and strategic recruitment has contributed to its overall success. Leeming also discussed the resurgence of conferences, noting a surge in demand as organizations prioritize in-person meetings and team-building activities post-pandemic. Sun International's forward bookings for conferences are promising, signaling a positive outlook for the remainder of the year. The CEO emphasized the company's commitment to driving job growth, particularly in response to increasing occupancy rates in hotels. Sunbase, the company's online gaming platform, has been a standout performer, breaking revenue records and offering a valuable addition to Sun International's business portfolio. The introduction of slot games and live games has enhanced customer engagement and revenue generation. Despite challenges such as load shedding and generator failures, Sun International remains focused on investing in sustainable energy solutions, including solar plants and green energy initiatives. The company's long-term strategy aims to attract and retain international tourists, ensuring a strong and resilient future for Sun International despite short-term setbacks. Sun International's ability to navigate economic challenges and capitalize on emerging opportunities underscores its position as a leading player in the hospitality and gaming industry.