Sun International hailed a 60.6 per cent rise in revenue for its online gaming brand Sunbet across 2024, amid a decline in land-based gaming revenue.
Sunbet revenue for the year ended December 31, 2024, hit ZAR1.2bn (£49.7m), helping continuing income for the African gaming operator group rise 5.1 per cent year-on-year to ZAR12.6bn (£534m) from ZAR12.1bn (£508.4m).
Sun International’s adjusted EBITDA rose three per cent to ZAR3.5bn (£148.8m), with the adjusted EBITDA margin at 27.9 per cent.
In the land-based sector, income from the group’s four largest urban casinos increased 0.7 per cent and rooms and food and beverage revenue climbed 10.9 per cent.
However, those gains were offset by a 3.1 per cent decline in land-based Sun Slots revenue, which fell to ZAR1.4bn (£60m).
Sun International said its management has “implemented various initiatives to address this downturn.”
“The gaming industry is experiencing dynamic changes and Sun International, through its omnichannel strategy, will continue leveraging its strong brand and market presence to retain and expand its customer base,” the company said in its 2025 outlook.
“Our balance sheet remains robust, providing us with the financial flexibility to invest and to continue paying dividends at our targeted payout ratio. Through strategic planning, efficient capital allocation, cost management, and a focus on operational excellence, Sun International will sustain its growth trajectory and deliver stakeholder value.
“Despite the uncertain macro environment, we expect the lower inflation and interest rates to create a more favourable operating environment in the medium to long term.
“Year-to-date trading has followed a similar trend to prior periods with extremely strong growth in our online business Sunbet, increased resorts and hotels income and urban casinos and Sun Slots achieving low single digit growth.”
