Sun International bets big in South America
The group backs Sun Dreams and Marina merger, which will be one of the biggest gaming groups in Latin America, with combined revenues of more than $500m
Gaming and leisure group Sun International, which owns the GrandWest casino in Cape Town and the iconic Sun City leisure hub, will look to play a bigger and more diversified hand in Latin America. Late on Friday Sun announced it would back a merger between its 50% owned Sun Dreams casino operator and smaller rival Marina. The merged entity, which is likely to be listed in the near term, will be one of the biggest gaming groups in Latin America with combined revenues of more than $500m and after tax profits of $33m for the year to end December 2018. The proposed deal follows hard on the heels of Sun selling a portion of its shareholding in Sun Dreams to the company’s other major shareholder Nueva Inversiones Pacifico Sur Limitada. This deal set up Sun and Pacifico as 50-50 shareholders in Sun Dreams. At the time of the deal Sun and Pacifico indicated a determination to build a sizeable casino and hospitality entity that could capitalise on opportunities in South America, Mexico and ...
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