Bingo Operations in Competition With Boardwalk - Sun International
Sun International says in its Profit and Dividend Announcement for the year ending June 30, 2014 that revenue has increased at the Boardwalk in Port Elizabeth by 22% from R496 million to R554 million, with casino revenue up by 8% to R512 million.
Operating profit at the Boardwalk over this period increased from R71 million to R87 million.
The company has, however, sounded a warning that the Boardwalk was “starting to benefit from the new hotel but its gaming business is going to face competition in the future from Electronic Bingo Tables (EBT) operations that have opened and will be opening in its catchment area”.
Three of the current Bingo operations licensed by the Eastern Cape Gambling and Betting Board (ECGBB) are in the catchment area, two in Nelson Mandela Bay and the third in Jeffrey’s Bay, although this number may rise as more are licensed - a request for proposals for a further nine licenses has been issued.
Some indication of the impact of Bingo is evident from figures released published by the ECGBB, which show that in the eight months since operations began turnover at the six establishments li-censed in the Eastern Cape has totalled R661.9 million and increased from R4.3 million in September 2013, when operations started, to R159.1 million last month.
Sun International said through “excellent cost control” the Boardwalk had in-creased EBITA 18%.
Operating profit at the Wild Coast Sun for the year ending June 30, 2014 was down from R24 million to R22 million, although revenue over the same period, was up from R389 million to R400 mil-lion year-on-year, and earnings before interest, taxation and amortisation (EBITA) increased from R65 to R70 million.
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