Tough economy behind shock decline in Sun City’s value
Leisure sector knocked by increased competition, sluggish economy and reduced consumer spending
Sun International has for the first time reduced the value of Sun City as a struggling economy brought pressure on the iconic resort and casino. The R306m reduction in value to R2bn comes after the company spent R1bn on refurbishments at the Sun City complex in 2016. The drop in the resort’s value attests to the difficulties facing SA’s leisure and retail sectors due to increased competition, sluggish economic growth and reduced discretionary consumer spending. If you are already a subscriber, please click on the following link to go to the full article: Revamped Sun City’s value drops by R306m If you would like to subscribe to BusinessLIVE to read the full story, please click here.