VIE 29 DE MARZO DE 2024 - 07:55hs.
Because of poor results

Sun International negotiates exit of Colombia and Panama

South African casino operator Sun Intenational is in the process of reviewing its operations in Panama and Colombia. The company is looking to sell some of its assets at Ocean Sun Casino in Panama, as well as leaving Sun Nao Casino in Colombia, a Sun International executive said on Monday.

Unfair competition, few available casino licenses and low gaming revenue in Africa have led Sun International to expand its borders to Latin America. However, the operations that the company has in these countries has shown low performance.

"We are not getting the results we expected, so we are looking to reduce our ownership in some properties," said Sun International CEO Anthony Leeming. "In Panama we're probably going to sell departments that we buy in the highest salon. In Colombia we are negotiating to know how we can get out of the project".

Alternatively, Leeming said that the group is negotiating to reduce the period of participation in the Sun Nao Casino in Colombia, which is 2 ½ years. This property was affected by a low rate of VIP players, among other issues.

As for Panama, the main challenges the company faces to grow in the Ocean Sun Casino project are related to the severe restrictions placed by local banks in terms of receiving money, paying customers and making money for banks.

The company's operations in Panama, which had a 4% decline in revenues to 119 million Panamanian pesos (US $ 8.74 million), have already undergone a restructuring process, in which jobs were cut for reduce the time of the game tables.

Source: GMB / Innovate Gaming