SUN INTERNATIONAL LIMITED - Sun International secures opportunity in Panama

Sun International secures opportunity in Panama

Sun International Limited
(Incorporated in South Africa)
(Registration number 1967/007528/06)
Share code: SUI ISIN: ZAE000097580

SUN INTERNATIONAL SECURES OPPORTUNITY IN PANAMA
Sun International has entered into an agreement with Newland International
Properties, Corp, the promoter and developer of the Trump Ocean Club
International Hotel and Tower (“Trump Ocean Club”) in Panama City, Panama.
In terms of the agreement, Sun International will acquire on a freehold
basis the casino component of the development, the Penthouse level (to be
used as a Salon Prive), certain apartments in the building to cater for top
end guests and the rights that the building has to apply for a casino
licence.

The Trump Ocean Club opened in July 2011 and is a landmark 70 floor sail
shaped building – the tallest in Latin America. It is situated in Punta
Pacifica a very affluent area of Panama City and is within easy driving
distance from the city center and the main residential areas. In addition
to the casino the mixed use building, has 369 hotel rooms, 635 condominium
units, offices, restaurants, retail shops, spa, gym, pool deck, meeting and
event spaces, and a business center. It is managed by the Trump Hotel
Collection and the hotel is one of 9 luxury hotels that form part of the
Collection.

The group is planning to fit out and equip the casino with approximately
600 slots and 32 tables allocated between the circa 5,800 sqm casino
component located on the ground floor and a 1,400 sqm Prive situated on the
top floor overlooking the canal and the city. Both facilities will have
entertainment and food and beverage offerings.

The acquisition is subject to the country`s regulator approving an
application by Sun International for a casino licence. The licencing
process is expected to take 6 months and will entail the completion of
standard probity investigations by the regulator. Should Sun
International`s licence application be approved, the company will acquire
the various components for a consideration of US$45,5 million where after
it will fit out the casino and related facilities at an estimated cost of
US$60 million over an approximate nine month period.

Panama is a secure and well-run state committed to free-market policies. It
has enjoyed the highest GDP growth rate in the western hemisphere and one
of the highest in the world in 2011, at 10.6%. Panama is very attractive to
investors given its fully dollarized economy with no exchange risk, absence
of barriers to repatriation of funds, low inflation and a stable and
sophisticated banking sector.

This opportunity is in line with our strategic intent to focus on the Latam
region and build on our track record in Chile. It will create greater brand
awareness for us and should significantly enhance our ability to access
other opportunities in the region.
For further information, please contact Tamra Veley on 083 251 3658.



Sandton
29 November 2012


Sponsor:

Investec Bank Limited

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