GAMING FOR AFRICA
adds value to SunBet players and positions this unit for significant organic growth. Priority investment in the right people, continued operational improvements and focused marketing will allow SunBet to gain market share in this exciting industry,” Leeming said. Total resorts and hotels operations income was up 39% in 2021 to R1,559bn from R1,123bn in 2020, however income remained 39% below 2019 levels. Overall, the group‘s resorts and hotels incurred an adjusted EBITDA loss of R56m for the year, significantly improved from an adjusted EBITDA loss of R158m during 2020. Sun City Vacation Club proved remarkably resilient
throughout the lockdown period with R185m in cash generated in time share sales during 2020 and 2021. Overall group debt (excluding IFRS 16 lease
liabilities) reduced from R7,630m to R7,089m. The group‘s debt to adjusted EBITDA and interest cover of 4.03 times and 2.67 times was well within its lenders covenant of 6.0 times and 1.75 times respectively. Income from 2021 continuing operations increased
by 29%, from R6,054m to R7,812m, and with sustainable cost savings of over R650m, continuing adjusted EBITDA was up 80% to R1,685m. Total group headline earnings improved from a loss of R409m to earnings of R265m, equivalent to headline earnings of 106 cents per share, from a loss of 234 cents per share in the prior year. The group successfully settled its Covid-19
business interruption claim and has received net proceeds of R517m. According to Leeming: “We remain optimistic that
we are entering a more normalised trading environment despite the ongoing Covid-19 pandemic.“ “Online gaming and sports betting continue to grow
exponentially, driven by increased internet, smart phone and mobile money penetration. SunBet is rapidly scaling revenues from mid to high-end customers while building a reputation for excellence through our omni-channel offering with Sun International’s premium hotel and casino portfolio and integrated MVG programme.” “Implementation of Playtech’s Neon casino
management system in both our land-based casinos as well as our online SunBet platform is a key component to this strategy which will allow our MVG customers to enjoy a seamless interaction with the group as they transition between online gaming and our land-based casinos. We anticipate SunBet will contribute meaningfully to group profitability within three years and are investing in critical resources and skills to capture this transformational opportunity.” “We expect to accelerate further de-gearing of the
balance sheet to create capacity for disciplined capital allocation towards high-return opportunities, while targeting the re-instatement of dividends over the short to medium term, with a focus on maximising total shareholder return.”
SIU Raids South African Lottery Commission after R300m Fraudulent Lotto Payments
The Special Investigating Unit (SIU) raided the offices of the National Lotteries Commission (NLC) in Kimberley yesterday after the SIU had previously found that NLC funds to the tune of R300 million were allegedly spent on items like cars and private homes. The NLC says it is co-operating with the SIU investigation. This follows an explosive report by the SIU
submitted to Parliament last week detailing collusion between NLC officials and purported non-profit organisations. It found that in a series of transactions, millions of rands at a time were funnelled from the NLC - funds which were meant to develop facilities like drug rehabilitation centres, old age homes, and youth empowerment facilities, but instead went towards purchasing cars and luxury homes. SIU spokesperson Kaizer Kganyago told Fin24 that
the raid on the offices of the NLC in Kimberley on Thursday morning were part of an advancing investigation into corruption at the commission. “Yes, we are at the moment in Kimberley and we
have a warrant to search and seize documents here in Kimberly because of the allegation that we are looking into,” Kganyago said. Kganyago said the raid would not stop at the
operations of the NLC but would include the private residences of implicated NLC officials and the questioning of those implicated. “We will call and question individuals because
28 APRIL 2022
people are also checking the houses of officials in the commission in line with investigating the allegations that were made,” said Kganyago. During a Post Cabinet briefing, also on Thursday
morning, Minister in the Presidency Mondli Gungubele welcomed the raid as “remarkable progress” by the SIU. “This will ensure the necessary steps can be
taken to hold accountable persons or organisations implicated in the unlawful misappropriation of funds earmarked to benefit the poor,” said Gungubele. The NLC serves as South Africa’s only lotteries
and sports pool betting regulator, but also serves as a grant funder for non-government organisations established in causes aimed at improving the lives of South Africans. National Lotteries Commission spokesperson
Ndivhuho Mafela said the NLC is co-operating with the SIU investigation. “We have opened all our offices to enable the
SIU’s investigation. We welcome the investigation as one of the checks and balances of state institutions. “We have also availed our legal team to support
their investigation, and they have interviewed employees. We will await the SIU’s report on the investigation and consider their recommendations,” said Mafela. (source: Fin24)
Novomatic South Africa’s New CFO
NOVOMATIC South Africa has appointed Chantel Crossley as a Chief Finance Officer with an effect from 1 March 2022. Chantel Crossley CA (SA) has extensive
experience within the Finance sector, after completing her Bachelor of Accounting Science at WITS and her articles at Deloitte. She managed financial divisions within the ICT Sector and looks forward to acquiring new experience and competence in the gaming industry while overseeing the Finance portfolio. “The company has been at the forefront of
the South African gaming industry with a long-term footprint and a record of success going back more than 20 years. The company’s products have a substantial track record of the leading performance and are renowned among both the gaming operators and players for their outstanding design, immersive gameplay, premium quality, and proven reliability. NOVOMATIC South Africa is strategically steering its business operations at the Republic of South Africa and is set to strengthen the firm’s customer relationships by leveraging its teams’ competencies and level of performance. We all welcome Chantel and wish her well in her new role as CFO as she begins her journey within the gaming sector” said Mrs. Sonya Nikolova, CEO of NOVOMATIC Africa “The spirit of the NOVOMATIC South Africa
team is sensible from first sight. They are passionate about building and maintaining customer relationships, whilst striving to provide premium service through quality products and impeccable customer care and knowledge sharing. It is my pleasure to be a proud member of a great company” stated Mrs. Crossley.
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