Sun International bets on World Cup 2010
The third quarter numbers were affected mainly by the recession, as African economy took a hammering. The recession led to the loss of jobs and personal income.
Private gamblers, who were suddenly deprived of salaries and security, stopped gambling and visiting resorts, leading to Sun International's drop in profits. According to Sun International, its earnings before interest, taxes, amortization and depreciation dropped to us$ 78.3 million.
Revenue remained significantly flat at us$ 259.7 million, a slight 1% dip from the same time period a year ago. Nonetheless, the group refused to allow these figures to dampen its optimism regarding the upcoming World Cup and said that it expected a growth in revenue, starting almost immediately with the launch of the World Cup.
In other Sun International news, the group said that it would be recommencing work on its casino that was damaged by an earthquake in Chile several months ago. Damage of around us$ 10 million was caused to the unfinished casino.
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