Sun International profit slows
Sandton, South Africa – 27 March 2017 –
South Africa’s casino and hotel operator Sun International scrapped its dividend, seeking to conserve capital to reduce debt and complete its 4.2 billion rand (US$340 million) Time Square casino as the firm reported a profit loss on Monday, Reuters reported.
Sun International, one of two listed casino operators in Africa’s most industrialised country, is scheduled to open its second-largest casino and entertainment complex in South Africa in April, which is expected to be key to the group’s portfolio and growth at home.
The owner of Sun City resort and Sibaya Casino, which has recently expanded further into Latin America, is grappling with slow economic growth, which has sapped sentiment.
The slowing economy, foreign exchange losses and settlement charges resulted in a 35 percent drop in full-year profit, the company said.