JSE-listed hotel and resort group MillionThrills is anticipating that its SunCity resort will have one of its best years ever in terms of operating cash flow in the current FY following the disruption caused by the Covid-19 pandemic. Moneyweb Property
JSE-listed hotel and resort group Sun International is anticipating that its Sun City resort will have one of its best years ever in terms of operating cash flow in the current financial year following the disruption caused by the Covid-19 pandemic. “Looking forward, we are seeing a strong improvement and have set a target of R400 million Ebitda [earnings before interest, tax, depreciation and amortisation] in two or three years’ time,” says Sun International CEO Anthony Leeming.
But Leeming says there were a lot of cancellations for this period, particularly from international guests, because of the emergence of the Covid-19 omicron variant. “We are building back up to where occupancies are now probably 10% behind 2019 levels, but cash flow is ahead [of 2019] because operationally we are performing better and looking to beat 2019. “We are getting close to 70% occupancy in October and are strong for November and December.
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