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Johannesburg - Hotel and leisure group Sun International (SUI) said on Tuesday that casino revenues for the September quarter were 19% ahead of last year.
Rooms revenue remained under pressure, it said, but total hospitality
revenue increased by 8% over the last year.
EBITDA at R429m in the quarter was 20% up on last year.
GrandWest, Sibaya, Boardwalk and Carnival City performed well achieving
revenue growth of 23%, 32%, 15% and 16% respectively. In addition the recently refurbished Morula and Carousel casinos had an excellent quarter with revenues 24% and 20% up respectively.
The group said the Windmill Casino and Entertainment Centre in Bloemfontein was successfully opened to the public on September 30 2005 at a cost to the group of R165m and that initial trading had exceeded expectations.
Construction has also commenced on the 118 room Sibaya Lodge that is expected to be completed during the first quarter of the 2007 financial year at a cost of approximately R83m.
Development of the 150-slot Worcester casino has commenced and is expected to be completed during the second quarter of the 2007 financial year at a cost of approximately R135m.
Sun International said that approval had also been obtained from the Western Cape Gambling and Racing Board for a significant expansion of the GrandWest Casino & Entertainment World including an increase in the number of slot positions from the current 1 814 to 2 324.
The extension is expected to cost approximately R320m and will include the construction of a new smoking casino and related facilities, an upgrade to the Salon Prive, an extension to the covered parking, the construction of a 5 000 seat multipurpose arena, and a significant enhancement to the family entertainment facilities.
The group also said that it was well advanced in finalising the introduction of an empowerment consortium as shareholders in Sun International Limited, which was a requirement in terms of the group's North West Province gaming licences.
"It is proposed that the consortium will include various broad-based North West Province groupings and the Sun International Employee Share Trust.
"The group is in the process of finalising the shareholding and funding structures and a further announcement will be made shortly," it stated.