Sun International to Pursue More Opportunities

SOUTH AFRICA – As reported by the Africa Mail and Guardian: "Sun International has consolidated its leading position in South Africa's R7,34-billion casino industry over the past year, and is now ready to pursue regional and international opportunities in the gaming, hotel and resort sectors, according to CEO Peter Bacon.

"The group was significantly restructured this year, with majority shareholder Kersaf Investments acquiring the minority interests in Sun International (South Africa) (Sisa), delisting Sisa from the JSE Securities Exchange and renaming Kersaf to Sun International.

"Sun International now holds all of Sisa's hotel, gaming and resort interests, as well as the hotel operations of City Lodge Hotels.

"Writing in Sun International's 2004 annual report, released on Monday, Bacon said the restructuring and repositioning will enhance the group's efficiency, improve its financial leverage and capability, allow greater control over cash flows, increase the float of Sun International shares and ultimately result in greater value creation for all shareholders.

"…Bacon revealed that work has started on Sun's new, R145-million casino complex in Bloemfontein. Located on the N1, it will have 200 slot machines and 10 tables, a conference centre, restaurant and bars.

"…Finally, Bacon said, Sun is looking at a number of prospects for new casino licences in the United Kingdom…"