Sun International Announces H1 Results, Drops Eswatini Operation into Liquidation

Sun International said on Monday it had placed its Eswatini operation into liquidation after not being able to pay creditors.

This is as the South African casino and hotel group announced that its half-year headline loss narrowed to R7m (about $475,104).

The group, whose high-end hotels include The Maslow Sandton and The Table Bay, reported a headline loss of R885m for the previous year.

Sun International’s adjusted earnings before interest, taxes, depreciation and amortization from continuing operations increased to R739m from R60m.

Its major revenue source – casino income – increased by 53 per cent to R2.3bn in spite of low footfall due to a lack of shows, concerts, and other entertainment.

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During the same period, revenue from resorts and hospitality operations increased by 21%, while alternate gaming, which includes sports betting, increased by 97% as international sports resumed.

The group’s income from continuing operations increased by 51% to R3.8bn.

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