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Voluntary Business Update
SUN INTERNATIONAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1967/007528/06)
Share code: SUI
ISIN: ZAE000097580
LEI: 378900835F180983C60
("Sun International" or “the Company”)
VOLUNTARY BUSINESS UPDATE
Shareholders are referred to the Covid-19 pandemic and the recent easing of the lockdown restrictions
when Sun International’s South African casino operations were able to resume trading with effect from
1 July 2020. All the Company’s South African operations have re-opened, with Sun City having re-
commenced trading in September once the restrictions on inter-provincial travel were lifted and the
Maslow Sandton and Table Bay hotels having resumed operating in October and November
respectively. The Sun International group’s operations in Latam remain under a hard lockdown and
have been unable to trade since March 2020, while the Federal Palace Hotel in Nigeria has only recently
reopened and has shown a muted recovery.
The effect of Covid-19 continues to impact trading. However, and despite the extensive restrictions and
significantly reduced capacity, South African revenue has shown a strong recovery, following the lifting
of the lockdown, as set out in the table below.
Total
R'million July 2020 August 2020 September 2020 Quarter 3 October 2020
% of
% of % of Septem % of
July August ber % of Quarter October
2019 2019 2019 3 2019 2019
Total Income 315 33% 468 48% 596 63% 48% 695 73%
Casino Income 233 36% 343 52% 425 68% 52% 471 76%
Rooms Revenue - - 4 5% 18 23% 10% 32 39%
Food and Beverage
Revenue 2 3% 8 10% 24 31% 15% 37 44%
Alternate Gaming
Income
Sun Slots 55 49% 86 73% 100 89% 70% 117 101%
Sun Bet 12 98% 14 105% 11 89% 97% 17 122%
Other Revenue 13 36% 13 31% 18 35% 34% 21 64%
We continue to focus on our processes, operating structures, systems and guest offering and experience
which has resulted in significant efficiencies.
As a result of undertaking the R1.2 billion capital raise through the rights offer together with the
suspension of debt repayments, waiver of covenant measures and debt rescheduling until next year, as
agreed with our South African lending group, the Company’s liquidity position remains robust. The
disposal of Sun Dreams and the subsequent receipt of the proceeds will further strengthen our liquidity
position and the group’s balance sheet. As at 30 September 2020 the group’s South African debt,
(excluding lease liabilities), was at R8.5 billion compared to the balance at 30 June 2020 of R9.6 billion.
In the face of the current pervasive challenges, Sun International has responded proactively to protect
its business in the short term and positioned the group for sustainable recovery over the long term.
This business update has not been reviewed or reported on by Sun International’s external auditor.
Sandton
10 November 2020
Sponsor to Sun International
INVESTEC BANK LIMITED
Date: 10-11-2020 10:30:00
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