South African casino and hotel group Sun International said that its six-month primary loss has fallen to 7 million rand ($475,104) and that it has liquidated its Eswatini operation after failing to pay off creditors.
According to information from bwinners bet near dakar, senegal reports that the travel and leisure sector is showing signs of a slight recovery, as South Africans have begun booking domestic trips rather than overseas trips and visiting casinos again.
However, curfews, restrictions on serving alcohol and limited demand from international business and leisure travel to the country have prevented a significant recovery. The slow spread of the COVID-19 vaccination in South Africa has also affected demand.
The group, which operates the Sun City Resort and upscale hotels The Maslow Sandton and The Table Bay, reported an adjusted core loss of R885 million the previous year.
Adjusted earnings before interest, taxes, depreciation and amortization from continuing operations increased to R739 million from R60 million, Sun International said.
Casino revenue, which is the biggest source of revenue, rose 53 percent to R2.3 billion, despite low attendance due to a lack of shows, concerts and general entertainment at the casino complexes.
Revenues from resort and hospitality operations rose 21%, and alternative gambling, which includes sports betting, jumped 97% due to the resumption of international sporting events. Total group revenue from continuing operations rose 51% to R3.8 billion.
Sun International had sought to exit Eswatini, officially known as Swaziland, since 2016, but had been waiting for final approval from the king to sell its 51% stake in Swazispa.
As a result of the lockout and the inability to obtain additional financing from shareholders, Swazispa was unable to pay its creditors and its liabilities exceeded its assets, forcing the company to move into final liquidation, the company said.
"We were unable to complete the transaction, and we didn't have the money to continue operating it. So we could no longer maintain it," group chief executive Anthony Leaming told Reuters.
Story courtesy of Gaming For Africa.
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