GAMING and hotel group Sun International is likely to abandon its takeover bid for rival Peermont, but executives are hoping a new casino development at Menlyn Maine could significantly strengthen its hand in financial 2017.The company showed a 6% growth in revenue from its core casino assets to R4.6bn in the half-year to end-December. Bottom line profits were hit by a one-off R750m charge related to the new Menlyn Maine development in Pretoria. It relates to a note providing for "compensation" to Peermont and alternative gaming group Gold Rush, which objected vehemently to Sun shifting its ailing Morula casino licence to the more vibrant Menlyn Maine location.No clear reference is made by Sun to walking away from the proposed takeover of Peermont, which owns the Emperors Palace casino in Johannesburg.However, it is significant that the compensatory payment, already provided for in the income statement, was only to have been triggered if the Peermont deal fell through.A gaming indus...
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