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May 21 - Sun International believes that the tough conditions that the group finds itself in at the moment due to the recession will continue for a while, and the results will be seen in future reports.
Releasing its financial statements for the first quarter of 2009, Sun International showed that several of its South African owned casinos showed a drop in gaming revenue, affecting the overall revenue numbers.
Two casinos that account for about a quarter of the group's entire revenues, Boardwalk and GrandWest, each showed a drop in revenue. Boadwalk reported a decline of 11% compared to the same time period last year, while GrandWest reported a drop of 12% in revenue earnings. It should be noted that GrandWest is Sun International's biggest revenue earner.
All in all, Sun International's hotel and gaming revenue climbed by 6%, but the group said that this was not due to the conditions in South Africa.
Sun International recently opened the Monticello Casino and Hotel in Chile, a move that brought an overall climb in revenue.
It is believed that if the Monticello numbers were not included in the quarterly count, the group would have shown a 1% decline in revenue growth.
In total, the group showed revenue growth to R1.99 billion in the first three months of 2009.
Sun International has said that it will undertake a refurbishment of the Lesotho Sun to the tune of R140 million, including the casino area.
Certain parts of the Monticello Casino and Hotel are still due to open, and Sun International announced that these dates have been pushed off to September and October, instead of the summer as was previously considered.
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