Sun International Grows with $398 Million Peermont Deal

Sun International has announced the acquisition of Peermont Holdings Proprietary Limited. With this deal, valued at R7.3 billion or approximately $398 million, Sun International brings under its umbrella the renowned Emperors Palace casino in Kempton Park, Johannesburg, and a number of smaller casinos, strengthening its position in the market.

Anthony Leeming, CEO of Sun International, highlighted the company’s evolution over the past six years. From a geographically diverse entity, the company has refocused as a cash-generative, South African-centric business. This transformation has enabled Sun International to engage in acquisitions such as Peermont, aligning with their strategic goals. Leeming stated, “The addition of Peermont’s land-based casinos to our portfolio, underpinned by the flagship Emperors Palace Resort, will enhance the quality of earnings and cash flow generation of the group.”

The Peermont Group, founded in 1995, brings a substantial asset base to Sun International. It houses 3349 slot machines, 152 gaming tables, and 1636 hotel rooms across South Africa and Botswana. This acquisition not only diversifies Sun International’s asset portfolio but also enhances its footprint in the gaming and hospitality sector.

Sun International’s acquisition strategy is expected to yield significant synergies. The company plans to extend its SunBet management across Peermont’s assets, aiming to unlock operating leverage in various areas such as revenues, marketing, payment processing, and game liquidity. This is a strategic move that is expected to benefit the overall efficiency and profitability of the company.

A key aspect of the acquisition is Emperors Palace’s strategic location near the OR Tambo International Airport, making it an attractive destination for high net-worth customers from Africa and beyond. This positions Sun International to leverage opportunities for synergies with its other operations, including hotels, resorts, and online sports and gaming businesses.

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Leeming further commented on the financial strength and position of Sun International, which he believes will allow the company to integrate Peermont’s assets effectively while maintaining dividend payouts to its South African shareholder base.

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