Shock as Sun City’s value plummets

By Siseko Njobeni for Business Live

The tough economy is behind the shock decline in Sun City’s value.

Sun International has for the first time reduced the value of Sun City as a struggling economy brought pressure on the iconic resort and casino.

The R306m reduction in value to R2bn comes after the company spent R1bn on refurbishments at the Sun City complex in 2016.

The drop in the resort’s value attests to the difficulties facing SA’s leisure and retail sectors due to increased competition, sluggish economic growth and reduced discretionary consumer spending.