Sun International's wins from its gambling tables came to R1.43 billion in its 2025 financial year, while its wins on slots came to R5.36bn.
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Sun International is already executing on a five-year strategy they adopted last year to unlock the group’s full potential, and the gambling and resorts group’s performance year-to-date is broadly in line with the second half of the last financial year.
This was according to the recently appointed CEO Ulrik Bengtsson, who said the group had conducted a thorough operational review in the last financial year, and the five-year strategy had been borne out of that.
“The plan is anchored in clear economic objectives: sustainably growing revenue, expanding margins through scale, operational discipline and technology, and improving returns on invested capital through disciplined capital allocation,” Bengtsson said in the annual report late last week.
“Delivering on this vision will require consistent execution, a strong growth mindset and the right behaviours across the business. We will continue to drive operational efficiencies, strengthen our technology foundation, and use digitalisation and innovation to enhance our value proposition, expand our offerings and enter attractive markets.”
He added that they were well-positioned to achieve their targets and deliver sustainable long-term value through continued investment in technology, talent, and disciplined capital allocation.
During the last financial year, income from continuing operations increased by 3,2% to R13 billion and, excluding the impact of the Table Bay Hotel lease cessation, continuing income was up 7,1% to R12,9bn.
Group adjusted EBITDA (earnings before interest, tax, depreciation, and amortisation) was R3,4bn. Performance was driven by Sunbet, where income grew 75,9% to R2,1bn, while Sun International continued to gain market share in a contracting land-based casino market, increasing share by 0,7 percentage points to 46%.
“Our resorts and hotels delivered a resilient performance, with rooms, and food and beverage revenue (excluding the Table Bay Hotel) increasing by 6,9%, supported by improved momentum in the second half of the financial year,” said Bengtsson.
He said they had strengthened their executive team in the past year, enhanced organisational capability, and transformed the operating model to improve efficiency, particularly in the land-based operations.
“By introducing new talent and capabilities aligned with our strategic ambitions, we have laid a strong foundation for the next phase of growth. Combined with our high-quality physical assets and growing online business, this positions us to deliver a differentiated omnichannel experience,” he said.
Bengtsson became CEO from July 1, 2025. His remuneration total value came to R32,68 million for the 2025 year - it included R16,91m in value for the long-term incentive share scheme, and R2,94m in other benefits including medical aid, car allowance, relocation expenses, and retention bonuses. Anthony Leeming, who retired as CEO, received remuneration valued at R12,66m for the 2025 financial year.
Chairman Sam Sithole said that the South African gambling market is rapidly shifting to digital channels, intensifying competition and pressure on traditional casinos and LPMs (limited payout machines).
“While this creates challenges, it also presents a significant opportunity for Sun International to leverage its first-mover advantage through an accelerated omnichannel strategy. The group is well-positioned to defend market share, meet evolving customer needs, and deliver sustainable long-term value by investing in technology, AI, digital platforms, and enhanced casino experiences,” he said in the report.
The report said South Africa’s gaming market shift toward online channels means these now account for about 60% of market share and generate around R51bn in gaming revenue per year.
“This migration, with new entrants and changing consumer preferences, is placing pressure on traditional land-based formats, with total land-based casino gross gambling revenue declining 4,6% in 2025 and segments such as LPMs contracting over the longer term,” the report said.
The group’s net gaming wins came to R10,29bn in the 2025 year, versus R9,59bn a year before.
“A robust and adaptable business model ensures Sun International is well-positioned to deliver memorable experiences, sustainable value, and growth for all stakeholders,” Sihole said.
Financial director Norman Basthdaw said they would continue to allocate capital prudently, maintain a target of two times debt to adjusted EBITDA, distribute 75% of adjusted headline earnings a share as dividends, and implement a three-year share buy-back programme, subject to pricing and liquidity discipline.
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