Covid-19 has unceremoniously derailed Sun International’s initial attempt at a recovery — following a R1.6bn rights offer in 2018 — by re-inflating its debt levels and compromising its plans to plump up profit margins.

The gaming and leisure group’s bombed-out share price — it was trading at R12.50 this week, having fallen by almost 75% over the past two years — shows the market still has serious reservations about a swift recovery effort...

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