Sun International, the operator south african of about a dozen casino properties, including Sun Cityhas released its full year results for 2022. The company’s online gaming operation, SunBet, reports record revenue and land-based operations, including its slots distributor, Sun Slots, are also showing strong revenue growth.
For the year ended December 31, Sun International enjoyed a 10-fold increase in adjusted maximum revenue from 110 million rand ($5,999,081) to 1.1 billion rand ($59,990,810). EBITDA (earnings before interest, taxes, depreciation and amortization) almost doubled to R3.3 billion.
Online revenue up 36%
Anthony Leeming, CEO of Sun International, said: “We are particularly pleased with the significant progress we are making with our online strategy, with SunBet showing strong growth across all key indicators. Gaming revenue from Casinos, Sun Slots and SunBet showed a significant recovery with revenue up 36%.”
Sun Slots currently owns and operates 6 Limited Pay (LPM) slot operators in 4 provinces South Africa – Grand Gaming Slots operates in Gauteng and Mpumalanga; Hot Slots in Gauteng and Kingdomslots and KZN Slots KwaZulu-Natal as well as Grandslots.
The company backtracked runs over 5000 LPM last year and added more than 500 machines to those it activated in 2021.
The CEO added that SunSlots intends to do so add another 1000 machines to your network.
Leeming explained: “We continue to work with regulators to increase LPM deployment to the allocated 6,500 LPM positions.”according to various reports.
Income from the wholly owned subsidiary increased by 20% over last year while its online operationSunBet, experienced an increase in sales of over 85% in the year with enormous growth in the second half of 2022.
“Our rapidly expanding online sports betting and gaming platform continued to grow active players, added games and improved the overall gaming experience.”said a statement.
While most understand that online gambling is not legal in south africa, that’s just not the case. Online gambling and games where players bet on outcomes are allowed such as; the roulette.
Sun City Carrier’s achievements continue the upward trend
That day last year SunBet reported this turnover for 2021 increased by 78% compared to 2020 and 66% compared to 2019, while gaming revenue increased by 33% compared to 2020 and 30% compared to 2019. Last year’s commentary on the figures explaining the iGaming and sports betting online sector showed healthy growth of increased broadband penetration, smart phone And mobile moneywith SunBet fervently increasing revenue from mid to high-end customers.
The group expanded into new markets last year with a 70 percent $3.2 million (R58 million) investment in SunBet Africa Holdings.
Leeming said: “The Company has online casino and sports betting licenses to operate in Ghana, Zambia and Kenya. We are in the early stages of implementing the SunBet operating model and brand in those markets that show attractive long-term growth potential.”
“Our hotel and resort properties have continued to perform exceptionally well and we expect them to have another strong year in 2023.”
Spring: Sun International stands poised for further growth following the post-pandemic recoveryG3 Newswire, March 14, 2023