With the regulators having capped new casino licences in SA, Sun International has set aside R2,25bn for expansion in other countries, including a US$200m casino complex in Chile and a $120m development in Nigeria. At a time when markets are volatile and interest rates are rising, gearing is higher. After a R2bn share buyback, it has in effect doubled debt on the balance sheet. But BJM analyst Adrian Ince argues that this makes the company less vulnerable to a private equity takeover.
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