It would have been surprising if a company in the leisure industry, one of the hardest hit in the Covid-19 lockdowns, had delivered anything less than awful results. These, as it turns out, could have been worse.
Like so many other companies in the leisure, hospitality and financial sectors, Sun International’s results for the six months to June are a far sight better than this period last year, but remain well off the same period in 2019.
The company delivered income up 51% from 2020 to R3.7-billion, well off the R5.5-billion earned in 2019. Adjusted operating profit rose more than 100% to R288-million, up from 2020, but again, less than the R901-million earned in 2019. And adjusted headline earnings improved from a loss of R703-million to a loss of R4-million.
Sun International chief executive, Anthony Leeming, was upbeat, noting that the group’s core casino business, which represents about 70% of earnings, had proven its resilience.
“We anticipate that we will continue to see improvement in income and adjusted Ebitda as the restrictions are eased further and ultimately lifted.”
The stand-out number in the results was the growth in the alternate gaming operations, which the group sees as a strategic growth…