Sun International reported 7.4% group income growth during its H1, driven by a strong performance from its online brand SunBet.
Group income reached R6.58 billion ($411.9 million) across the first half of the year when excluding the Table Bay Hotel (TBH), which the company is running under a management agreement with IHG.
Sun International’s adjusted EBITDA (excluding TBH) edged up 2% to R1.59 billion in H1. Revenue growth was at the “upper end of expectations”.
H1 growth was driven by Sun International’s online division, with revenue from SunBet surging 35.5% year-on-year to R1.18 billion.
Sun International CEO Ulrik Bengtsson noted SunBet’s revenue growth of 35.5% outpaced the 19% South African online market’s overall growth of 19% during the period,
SunBet’s growth was supported by a 32.3% rise in active player days, while first-time depositors also increased 17.5%.
It has also been backed by the rollout of proprietary in-house technology within the SunBet tech stack, prompting the launch of a new user interface in South Africa and Botswana.
Bengtsson described the growth and early signs of success across the platform as “encouraging”.
“Growth continues to be driven by existing customers in slots and casino, although we are starting to broaden our offering through our sport business where recent momentum has been building.”
While Sun International did not disclose SunBet’s current share of the South African online market, the company in March said it had plans to double its market share.
Land-based casinos return to growth
Alongside the online success, Sun International’s land-based casinos segment returned to growth for the first time in three years.
Revenue from land-based casinos edged up 1.5% to R3.42 billion, with Sun International’s share of the market rising 2.3% to 49%.
Sun International attributed the land-based growth to investments in product and marketing, with land-based casino GGR growing 4.4%. The company launched 876 new slot machines and stadium games during the period.
Bengtsson said the land-based growth reflected Sun International’s “strong execution and sound investment decisions”.
Despite the revenue growth, land-based gross profit dipped 0.7% to R2 billion, largely due to the heightened investment in marketing.
“Looking ahead, as land-based gaming evolves into a more digital and experience-led environment, these initiatives, together with the implementation of a low-cost operating model, are expected to improve performance, increase market share, profitability and generate stronger returns over the medium term,” the company said.
Alongside gaming, hospitality revenue rose 2.8% to R1.29 billion despite an impact of around R20 million from war-related cancellations.
Could there be job cuts at Sun International?
Sun International highlighted a strong start to its H2, with revenue growth as of 31 August ahead of the company’s guidance range of 6% to 8%.
But in recently months the company has invested heavily, with capex surging from R277 million to R492 million.
“We have executed one of the largest capability building projects in the company’s history and invested in marketing, customer-acquisition and market share gains in a very intentional way,” Bengtsson said. “We are encouraged that, even with continued investment in the business, adjusted EBITDA growth has accelerated relative to the first half of 2025.”
The company is placing an increased focus on efficiency and margins, with plans for a “lower-cost, more centralised operating model” with the profitability of Sun International’s underperforming assets in mind.
A formal consultation process relating to Section 189A of South Africa’s Labour Relations Act has commenced. THis governs large-scale retrenchments by companies with over 50 employees.
“In addition, we have started consultations in certain head office functions as we roll out productivity initiatives across the group,” Sun International said.
“We remain committed to conducting the process with fairness, transparency and respect.”
Sun International vowed to retain and redeploy employees to other areas of the business where feasible.
During H1, Sun International also implemented its new “Casino Lite” model, aimed at improving profitability at smaller, underperforming properties.
The model focuses on enhancing adjusted EBITDA and operating margins by optimising operations, both in terms of gaming and hospitality.
Sun International 公布上半年集团收入增长 7.4%，主要受其线上品牌 SunBet 的强劲表现推动。
集团收入达到 65.8 亿兰特（4.119 亿美元），该数据剔除了 Table Bay Hotel（TBH），该公司目前根据与 IHG 签订的管理协议运营该酒店。
Sun International 上半年调整后 EBITDA（剔除 TBH）小幅增长 2%，至 15.9 亿兰特。收入增长处于“预期区间的高端”。
上半年的增长由 Sun International 的线上业务部门推动，SunBet 的收入同比激增 35.5%，达到 11.8 亿兰特。
Sun International 首席执行官 Ulrik Bengtsson 指出，SunBet 35.5% 的收入增长超过了同期南非线上市场 19% 的整体增长率，
SunBet 的增长得益于活跃玩家天数增长 32.3%，同时首次存款用户也增加了 17.5%。
此外，SunBet 技术架构中自有内部技术的部署也为其提供了支撑，推动在南非和博茨瓦纳推出了新的用户界面。
Bengtsson 将平台的增长及初步成功迹象形容为“令人鼓舞”。
“增长继续由老虎机和赌场业务的现有客户推动，不过我们正开始通过体育业务拓宽产品线，近期该业务势头正在积聚。”
尽管 Sun International 未披露 SunBet 目前在南非线上市场的份额，但该公司在 3 月份曾表示计划将市场份额翻倍。
实体赌场恢复增长
除了线上业务的成功之外，Sun International 的实体赌场业务板块三年来首次恢复增长。
实体赌场收入小幅增长 1.5%，至 34.2 亿兰特，Sun International 的市场份额上升 2.3% 至 49%。
Sun International 将实体业务的增长归因于对产品和营销的投入，实体赌场 GGR 增长 4.4%。该公司在此期间推出了 876 台新老虎机和体育场游戏。
Bengtsson 表示，实体业务的增长反映了 Sun International“强有力的执行和合理的投资决策”。
尽管收入有所增长，实体业务毛利润仍下降 0.7%，至 20 亿兰特，主要原因是营销投入加大。
“展望未来，随着实体博彩向更加数字化和体验导向的环境演变，这些举措连同低成本运营模式的实施，预计将在中期内改善业绩、提升市场份额和盈利能力，并带来更强的回报，”该公司表示。
除博彩业务外，酒店业务收入增长 2.8%，至 12.9 亿兰特，尽管受到与战争相关的取消订单约 2,000 万兰特的影响。
Sun International 会裁员吗？
Sun International 强调下半年开局强劲，截至 8 月 31 日的收入增长超过了公司 6% 至 8% 的指引区间。
但近几个月来，该公司投入巨大，资本支出从 2.77 亿兰特激增至 4.92 亿兰特。
“我们执行了公司历史上规模最大的能力建设项目之一，并以非常有针对性的方式投资于营销、客户获取和市场份额增长，”Bengtsson 表示。“令我们感到鼓舞的是，即使在对业务持续投入的情况下，调整后 EBITDA 的增长相较于 2025 年上半年仍有所加速。”
该公司正加大对效率和利润率的关注，计划推行“成本更低、更加集中化的运营模式”，并考虑到 Sun International 表现不佳资产的盈利能力。
与南非《劳动关系法》第 189A 条相关的正式协商程序已经启动。该条款适用于员工超过 50 人的公司进行大规模裁员。
“此外，随着我们在集团范围内推行生产力提升举措，我们已在某些总部职能部门启动协商，”Sun International 表示。
“我们仍致力于以公平、透明和尊重的方式推进这一进程。”
Sun International 承诺在可行的情况下，将员工保留并调配至业务的其他领域。
上半年期间，Sun International 还实施了新的“Casino Lite”模式，旨在提升规模较小、表现不佳物业的盈利能力。
该模式侧重于通过优化博彩和酒店两方面的运营，来提升调整后 EBITDA 和营业利润率。