Revenue rise for Sun International

May 11 2011 17:55
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Johannesburg - Hotel and gaming group Sun International [JSE:SUI] on Wednesday announced an 11% increase in revenue to R2.18bn in the quarter to the end of March.

Revenue grew 10% to R6.67bn for the nine months to the end of March, from R6.07bn in 2010.

Casino revenue for the quarter advanced 11% to R1.7bn, and for the nine-month period 9% to R5.19bn.

Rooms achieved revenue of R233m for the quarter, up 6%, and R697m for the nine-month period, from R628m previously.

Sun International's earnings before interest, tax, depreciation and amortisation (Ebitda) advanced 7% to R636m for the quarter ending March, and grew 6% to R1.9bn over the nine-month period.

"Revenue for the quarter at R2.2bn was 11% ahead of last year; however, comparable revenue - excluding the effects of disrupted trade at Monticello in the prior year and the inclusion of the Federal Palace - was 3% ahead of last year," it said.

Casino revenue was up 11%, primarily as a result of the increased revenue from Monticello. Food, beverage and other revenue was 14% ahead of last year, the group said.

GrandWest, Boardwalk and Sibaya achieved revenue growth of 4%, 3% and 6% respectively, while Carnival City revenue declined 6% during the quarter.

Monticello achieved revenue growth of 9% for the quarter after adjusting for the earthquake disruption, Sun International said.

Sun City revenue was 4% ahead of last year at an occupancy of 64%, three percentage points below last year. It also had an average room rate of R1 364, 2% above last year. The Table Bay achieved an occupancy of 59% (62%) and an average room rate of R2 097 (R2 221) resulting in a 5% decline in revenue, Sun International said.

The Zambian hotels achieved an aggregate occupancy of 43% (45%) and average room rate of $198. The group's overall occupancy of 65% for the quarter was one percentage point below last year, it said.

Phase two of the Wild Coast Sun refurbishment project was completed in December 2010, taking the total complement of newly refurbished rooms to 111. 
sun international  |  hotels



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