Sun International (SUI) Corporate presentation summary

Business overview

• Operates in gaming, hospitality, and entertainment with a portfolio of five-star hotels, modern casinos, a fast-growing online betting business, and premier resorts.

• Business segments include urban casinos, resorts and hotels, Sun Slots (LPMs), and Sunbet (online betting).

• Strategic locations across South Africa with 11 casino licenses, 6 route operator licenses, and a growing online presence.

• Listed on the JSE with a market capitalization of ~R11.8bn as of October 2024.

Market and industry trends

• South African gaming market has grown robustly, driven by online gaming, especially during the pandemic.

• Betting and racing (including online) now represent 60.5% of industry GGR, up from 18.9% in 2010.

• GGR growth from April 2020 to March 2024: betting +51.2%, casino +2.4%, bingo -1.9%, LPM +25.7%.

Financial highlights

• Interim group income up 5.0% to R6.0bn; adjusted EBITDA up 4.0% to R1.6bn (margin 27.3%).

• AHEPS up 9.1% to 215cps; interim dividend up 8.8% to 161cps.

• Strong cash generation and a robust balance sheet with debt:EBITDA at 1.6x and R2.4bn liquidity.