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Sun Dreams SpA (“Sun Dreams”): Results of Chilean Municipal Licence Bidding Process
SUN INTERNATIONAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1967/007528/06
Share Code: SUI
ISIN: ZAE000097580
(“Sun International” or “the Company”)
SUN DREAMS SpA (“Sun Dreams”): RESULTS OF CHILEAN MUNICIPAL LICENCE BIDDING PROCESS
Shareholders are referred to Sun International’s 2017 year-end results announcement which was published on
SENS on Monday, 19 March 2018 when, among others, the Company reported that the Superintendencia de
Casinos de Juego (“SCJ”) in Chile had opened the bidding process for five Chilean municipal licences during
September 2017. Sun Dreams submitted bids for the two municipal licences that it currently holds, namely
Iquique and Puerto Varas and for an additional three licences.
On Friday, 8 June 2018, the SCJ adjudicated the bidding process in respect of the five Chilean municipal licences.
The award of each of these licences was based on the successful applicant satisfying the minimum bid
requirements and submitting the highest economic offer (additional fixed annual tax). The bid for the Iquique
municipal licence was awarded to Sun Dreams for a further period of 15 years. Although Sun Dreams’ bids met
the minimum bid requirements, the remaining four licences were awarded to Enjoy in Chile. Enjoy submitted
economic offers which would not have delivered acceptable rates of return as required by the boards of Sun
Dreams and Sun International for similar projects of this nature.
Puerto Varas generated revenues of R405 million and EBITDA of R183 million for the year ended 31 December
2017. With regards to the Sun Dreams bid and taking into account the economic offer, the EBITDA would have
reduced significantly. It is anticipated that the licence will transfer at the end of the current financial year. The
Sun Dreams board will consider whether it will be viable to retain the current hotel operations in Puerto Varas
or dispose of the property.
Shareholders are advised that Sun Dreams’ bid for Iquique includes a casino of 676 slot machines and 24 tables,
a hotel of 122 rooms and three food and beverage outlets, at a total cost of approximately US$ 55 million. The
economic offer bid by Sun Dreams was UF 234 777 (US$ 10 million) which is payable annually and which
increases with Chilean inflation. The construction of the new property is expected to be finalised in two years
and for the time being Sun Dreams will operate under the existing licence.
Sandton
12 June 2018
Sponsor of Sun International
Investec Bank Limited
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