Good morning, everyone, and welcome to our 2023 results presentation. I think, we're at the JSE because the Maslow's full, and they couldn't—t hat's a positive. I need to transit. I think you got the work that we'll be covering. You know, it's been a, obviously a, a very different year. It's a difficult year economically, but when you look at our numbers, we've had a mix in the different sectors of our business performing differently. A nd you'll see as we go through it. Group income, up 7% to ZAR 12.1 billion. Group adjusted EBITDA, only 2.4% up, at to ZAR 3.4 billion. A nd you'll see again in the mix and how the business has changed, but still, the cash generation is fantastic.
Record SunBet income, yeah, you clearly see the numbers have changed a lot, ZAR 733 million, but more impressively is the margin going from 12.4%, I think, ZAR 221 million EBITDA coming out of SunBet. In one year, a massive turnaround, and a really big one. Sun City, again, record EBITDA. We've got a slide on Sun City, where you really see how we've turned the form of the business, how it's changed. I think it's been phenomenal. ZAR 455 million EBITDA, that's before managing fees. Reality, probably take ZAR 25 million off in terms of cost of the center that served that ZAR 455 million , so round about. Still contribution, ZAR 430 million, which is significant.
Our cash conversion, our operating cash flow, 65% converts to free cash flow. That's before expansion CapEx, but after ongoing CapEx. Again, a strong conversion. Debt EBITDA, under control, 1.7x . That's despite paying off dividends of over ZAR 920 million during the year. Even with that, you can see debt could have dropped significantly, and it's still dropping even though we're paying out such significant dividends. EPS up 420% to ZAR 4.94. AHEPS up 88% to ZAR 4.25, and adjusted HEPS, which we do believe is the true performance of the business. It's on which we base the dividend payout ratio of 75%. A nd if that doesn't said that, that's where the cash is ZAR 4.68 per share, up 6%. It's partly due to i t's higher than the EBITDA increase due to the change in mix of the business.
As usual, we spoke at the urban casinos. I think the big question is, are urban casinos getting cannibalized? There's online growth, and you'll see it just now, it's been phenomenal. But urban casinos really are resilient. They've performed well. It's been difficult, economic pressures, but you'll see our other income is up significantly. People are coming out, they're going to casinos, and they are performing well. Though casino income at ZAR 6.1 billion is margining down, overall income was flat, EBITDA down 6%, and this is despite a significant increase in diesel costs, which have come through. We've had double-digit growth in our non, non-casino income, and that's all about driving relevance and driving people to our properties.
I think it's— you can clearly see it's working. More economic pressures than, I think, cannibalization, and it's going to keep coming through. We've had a better start to the year, particularly in our big properties. Small regional casinos are where we read back, and you'll see in the numbers, the detailed numbers. I'm not going to go through them. The regional casinos, and it's not just us, our competitors, we see it all over. The bigger casinos definitely proven more resilient and growing quite nicely. You know, we continue to hold successful tournaments on the floor. We really do try to activate our properties. We've got this Black Pearl, Black Opal. They're really received well by customers.
We move them around to different properties, and when they're away and, and to stay in the place, they tend to spend more and really enjoy it, and also chase to get into the finals and things like that. Really about activating our floors, and we're doing a really good job. CRM, we've pushed really hard. We've got a much stronger team in place, and we are seeing positive results from our CRM campaigns. You know, our business is a bit of a VIP game. When you see the contribution from sort of 5,000-6,000 customers, you know, it's probably over 50% of our business, and yet we have over 300,000. That VIP segment is where we focus really hard. Employ Chinese hosts, we've done a lot there to strengthen our VIP team, and it's critical to look after them.
They work exceptionally well with the SunBet team on the VIP side and trying to capture some of the online into the, so this omnichannel approach, and obviously also into Sun City and other areas, but really working well together. Diesel costs I've spoken and increased from ZAR 51 million -ZAR 80 million. Far, this year has been a little bit better, and we are investing in solar, which we'll touch on a bit later. Most of these numbers I've touched, so I'm not going to just read through them, but I think the margin's slightly down. Clearly, with lack of income growth, you're going to come under a bit of pressure. As I said, we are seeing a bit of better start to the year. Casinos are not disappearing and actually still incredibly strong cash generation. CapEx are ZAR 497 million.
Go to the next one. We look at the key property updates. What do we do in our urban casinos? The first thing, we expand the GrandWest Hotel from 39 keys to 103. It really is, it's the smallest hotel in the group of the casinos before we expanded. This out-of-town strategy, we move people around, they come stay at GrandWest, has really proved advantageous. A nd we did really well over December with people staying in the property. The feasibility is not built on the room rate and occupancy, so don't ask me those because I don't know them. They should be full, hopefully, most of the time. It's not about that, it's about the incremental gaming spend.
Okay, we do sell some rooms, but it's not, it's not room there to try and sell in what our occupancy is. The occupancy is generally around well north of 80%, close to 90%, and weekends full, and that's the idea. Okay, people staying over tend to spend more. Refurb the Sibaya Privé, also a very small hotel. Sibaya, sorry, the small refurb of the Privé, mainly the lounge area, a little bit more other work to do, but, but, but not too much. The Royal Sibaya Hotel has been refurbed. Again, a small hotel, but targeted the VIP, and it's a really nice quality hotel. Then we have the lodge, and we also refurb some of the 4th room, rooms to, for spill over from the main Royal Sibaya.
That hotel, we do sell obviously a bit more, and then Imbizo Conference Centre and the two new restaurants. The restaurant offering is drastically improved and looking better, and the fast food area as well. Times Square, just some small changes there, little tweaks, really, just the bowling alley and, and again, it brings about relevance. Times Square on, on concerts, any big concerts there, so not stadium concert, but all these bands that came and played in Collins' time, are now coming to that. I think my time is well done, what do you call it? It is about getting the excitement, getting people to our properties, and, and that's what it's about, and, and it's doing very well.
The arena is doing exceptionally well at Times Square and GrandWest. A nd then some solar PV solutions have started at Sibaya and Carnival City. Look, our focus areas, I mean, I think this is a bit repetitive because it really is, it's a VIP game and CRM on the mass market, and that's what we're about. Tournaments, keeping the place live, omnichannel approach, bringing SunBet in closer to the casinos. We have the SunBet Poker Tour. That brings a lot of people. They're more likely to be online players than our normal casino player, but we've seen good spill off when they're there, and they play in the casino as well. A tournament is about building our database, building our casino product, our poker product, and hopefully we'll be going online in poker when we get the license right.
That's, that's part of the reason of building it, but it also is relevant to our properties and, and really has done very nicely for us. In-joint promotions, we have a lot going on. There's every week, every day, it's what we're about. I spoke about the solar, 2.5 MW at both Carnival and Sibaya, and then we're all working with discovery or Discovery Green Solution, which is about wheeling power and bringing a lot more power. They, they say they can provide up to 70% of our power at cheaper rates. It is through the grid, so it doesn't stop load shedding, so you still need your generators, but ultimately, the more power gets added to the grid, the less load shedding. The daylight load shedding that's reduced is probably because of all the solar that's out there.
Sun Slots really had a tough time, I think mainly due to simple one, you know, less time on device, load shedding is causing the problems, obviously economic pressures as well, but, but less time on device. Rollout was slow, mainly with the gaming boards. We've got plenty of applications in. We've got still sites to roll out. We obviously have closures, but you can't replace them if they're not being licensed quick enough. A very small increase in the number of slots. The business still produces ZAR 351 million EBITDA. Margins still good at 24%. Certainly, we continue to look what we can do. You can see a bit better in Gauteng there. We grew a little bit more there.
The rest slightly down, other than in Mpumalanga, which is still a new growth opportunity for us and lots to roll out there. Just I think, you know, we work hard. We collaborate with our site owners. When you look at our team, they do more with the team than our competitors. We do pride ourselves on service, and this game is about uptime. It's about your machines being online and ready and working and not being down. We have good, good relationships, and it's also about renewal. You know, these contracts are five years. You always have to renew them, and that's what it's extremely important to have good relationships. Enhanced margins, we really need to look at cost efficiencies here.
The, you know, it's a lot of variable income in this business. You pay away quite a big portion to your site operators, quite a lot of taxes, and then your headcount is not that big. It's not like a big cost-intensive business, but certainly, we'll continue to look for efficiencies. You still alternate energy growth, alternate growth opportunities. There are some with our network. We are looking at a few things. Nothing massively significant, but that's how you tweak more margin, get a bit better. Then drive, drive along with SunBet. We're working with SunBet to roll out betting terminals in terms of our, in terms of outlets, and that's going very well. It's just starting now, so we'll, we'll hopefully have those rolled out soon as a test case and see where that goes. SunBet, obviously, you've seen the SunBet results.
You know, it's still, and you'll see just now, contribute 6% of our EBITDA, still small, but when you've gone from 1%- 6%, it's phenomenal, okay? That's, we expect that growth to continue and continue performing well. This, this slide really looks at the gaming market, and you go from 2010 - 2023. Gaming is up 9%, okay? Compounded annual growth rate. That's a significant increase. Gambling is doing very, very well, but you can see the shift. Casinos were ZAR 13.9 billion-ZAR 17.4 billion. That's 1.6% compound annual growth rate. Casinos, for a long time, have come under pressure, but they've never disappeared and are still doing well. Now, obviously, we got big market share in that space.
You can see the LPM and EBTs strong growth, from tiny bases, and also more recently, coming under a bit more pressure, although LPMs are still above 2019, where the casino income isn't. Okay? This is to the March results or, not sure where they updated to exactly. Then EBTs again, you know, small, small in our lives, but obviously a bit of growth. Then you've got the big one, which is bookmakers. We don't get the splits in online, we don't know what the exact split is. We assume about, estimate about 80% of bookmakers is online. The rest is booking, betting shops and other forms of gaming in that space. Still, if you look at that at ZAR 32.5 billion, you're sitting at ZAR 25 billion online industry, bigger than casinos.
Online isn't sports betting, although it's a sports betting license. It is about live games, crash games, slot games, you can bet on anything, blackjack, anything at the moment. A very big change in the, in the industry. I think we positioned ourselves well. We're probably a little behind in the online space, but doing better than our competitors initially in the space, but there's some lot of opportunity to grow the market share. Just some of the key highlights. I think you can see sports betting a bit stagnant, and it's probably around the rest of the market because it's, it's been around for a long time. Then you see the growth in live games. Live games is more comparable than slots. It's been around for two years, but phenomenal growth, ZAR 124 million -ZAR 214 million.
You look at slots, ZAR 89 million -ZAR 523 million. They were only licensed in, I think it was August, very soft approach of 2022, then obviously September, we started launching up. Not fully comparable yet, and we'll see this year, but that growth is phenomenal and growing, growing really well. Total GGR, this is before bonusing. When you actually look at the net number, it's a little bit lower, but from ZAR 411 million-ZAR 926 million, and this is what we base the market share because you don't get free play in the, in the online space as a deduction. Income up ZAR 733 million, adjusted EBITDA up to ZAR 21 million, up 426%. Importantly, the margin sitting above 30 from 12.4.
A key metric, I'm not going to read a chart because it comes up on the next page, there's growth in deposits. ZAR 8.2 million per day. We're currently averaging over ZAR 10 million. When you look at the top one, average unique customers, this is about building your customer base all the time. You push promotion, you can see the upticks, and you go off and you push more. The customer, unique average customer base is increasing rapidly. Obviously in December and some promotion on the World Cup, a little more people, but it's still holding up there and doing exceptionally well. If you look at average daily deposits, getting up, currently, we're averaging well above last year, every month.
I think last year, January, February, only around ZAR 4 billion-ZAR 4.5 billion, are now sitting over ZAR 10.5 million, okay? We've seen even March a little bit better than that. We are still growing the customer base. It's doing exceptionally well. The numbers are there. Unique active customers up 269%. Daily deposits are massively up from up ZAR 3 billion from ZAR 1.1 billion. It's a key indicator of how much people are going to gamble. This is interesting, very interesting slide. It's, it's to do with when people signed up and are they still with us. If you look at that little, the bottom one in 2021 purple, they signed up in 2015, and you can see they're still with us and gambling more.
You go to any one of these slides, you can see what, what is telling us our retention rates are good. Sometimes you might find a dip, we could have had a big customer in that section in that year, and they might come up. It's not always 100% accurate, but the important thing is our customers are staying with us, they're still gambling with us, and they're gambling more. There's a lot of drop out in terms of small customers, and your big ones tend to stay. Although you might lose a significant number, the ones that actually are contributing stay. Look at the focus areas. In order to compete, we're going to have multi-province license strategy. We're going to have a license in Mpumalanga soon and license in, in, in North West.
For various reasons, there's some cost savings in the 1, and the other, just to get the games licensed quicker. The Western Cape doesn't always do it quickly. They put a stop to crash games, hence why we couldn't have them. We now have 1. We want the others as well. Pushing that and getting the licensing is, is very, very important and being quick. We're moving our retail opportunities that we have in the casinos. It hasn't proved that successful into high street locations. They're very small. It's not about game change, but about brand awareness more than anything else, and we'll see how that goes. If it goes well, maybe we'll roll out more, but it's not a priority focus area. It is about brand strategy more than anything else. Well, our self-bet betting terminals alongside SunBet, we're looking at that.
It'll mainly focus first on sport, and then we will see once approvals come in and where we take it. Planning and strategy for launch of online poker. I mentioned poker earlier. It's not a massive market in this country, but you want to be a player in it. I think with our database, with our customers, with the SunBet Poker, we can really be a key player here. Tactical strategy entry into Africa markets, w e are looking at the moment in Namibia. We've just been granted a, we've been a license to operate. Some software issues we had with the other Africa opportunities, we sorted it out. In Botswana, we've applied for online license, which is hopefully going to be adjudicated soon.
One of the most important things, and it's not just about SunBet, it's responsible gambling. It's very, very important in this industry, and we do take it seriously, and we want to be positioned as the most responsible player. All the things that happen, monitoring gaming, stopping from gaming, we've got to tell this really big VIP, our customers, "Take it easy. You know, you're doing too much." We do that. We're very active, and we're very active at looking after our customer database and making sure we are operating responsibly. Just when you look at the SunBet's ambition, we've updated our targets. We are ahead of our 5-year target, so we've put new 2028 targets. Our market share, based on ZAR 25 billion gaming online market, is currently at 3.7%.
We hope to be above 10%, and by that stage, with some growth in online, not massive, we should be at ZAR 900, sorry, ZAR 3 billion gaming revenue and ZAR 900 million EBITDA by 2028, and that's the target set for the team. Significant turnaround from currently ZAR 926 million - ZAR 21 million EBITDA. It is about gaining market share, obviously, and a little bit of growth. Resorts & Hotels, another standout performer. I think they've done exceptionally well, and I'm going to focus a little bit on Sun City as we go through. You can see occupancies are up. We're in the right side of the business. International and Cape Town has been phenomenal. Cape Town numbers have just gone through the roof.
Cape Town, you can see online growth, 54% up, Sun City, 15%, and the Maseru up 24%. Wild Coast, under a bit of more pressure, I think mainly due to the economy and that area. It's more of a destination casino than a destination resort. A lot of this is about gambling rather than about resort, but still it is— it does have a resort angle to it. Unfortunately, it's such a large resort, and it's large, the diesel costs ate away quite heavily at the margin. You can see occupancies, you know, Table Bay increased to 72% from 55.7%. The Table Bay will be closed in March 2025 for refurb. There'll likely be an international brand on it post that, but we'll be the manager and operator and taking fees.
Still a little way to go, but we that's, that's where it is at the moment. The margin overall in hotels and resorts, 21.6%-23.3%. This is primarily driven by Sun City, and hence why we're going to show you a bit on what's happened on Sun City. If you look here, and I've put 2017 because it's one of the better years we've had at Sun City. On ZAR 1.7 billion, we generated ZAR 309 million EBITDA at a 17.8% margin. If you go look at the right, we're now ZAR 1.878 billion, hardly up 5%, 6%, okay? That's not compound growth. That's from 2017 to 2023.
Six years, literally no growth and very little growth in revenue, but EBITDA, EBITDA from ZAR 309 to ZAR 455 million, and then the strong margin growth. You can see the operating costs, ZAR 1.425 million in 2017, ZAR 1.423 million. Sun City's turnaround is not about the top line. The top line is still the opportunity. The team's done an incredible job in right-sizing the opportunity, outsourcing maintenance, getting the product right, the Palace refurb. If you go back further, obviously, the entertainment center, it's not the entertainment, Sun Central, where the conference business is. The product's in great shape. The gardens are looking better than they've ever looked. The service levels are improving all the time and are better than they've ever been. The product, everything's come right.
Now the next phase is about growing this top line, and that's the opportunity, as you can see from this slide alone, and we'll come back to a bit further down as well. If you look at the CapEx, you know, we, we generated after maintenance, repairs and maintenance and, and major sort of upgrades, ZAR 187 million. Because that excludes Lefika, because Lefika was expansion, and we'll touch Lefika as well just now. But it's a massive turnaround. As I say to you, the opportunity, the turnaround here was in structurally, it was in costs, and now it's the top line's chance. Graham, do you hear that? If you look at, you know, this is again, deal with Sun City's got a bit of the increases.
I'm actually not gonna go through this entire slide as most of it I covered on the previous one. Importantly, that adjusted EBITDA up ZAR 447.2 million to ZAR 455 million. Sun City, we are pushing to get to ZAR 500 million and more. It is contributing meaningfully to the bottom line. Just going back to 2017, what's important, the occupancies were about 72% in 2017. We now at last year was 67%. Just an occupancy increase. Rates is nice, is quite nicely up. That occupancy increase is important. The Palace refurb has generated better rate growth and is looking good. Bit of the CapEx numbers here.
On the, the left side, just the, the last sort of four years, you can see the only expansion was Lefika, and then you've got the ongoing. There was a big number in 2023 that really relates to, I think, the completion of the Palace. The number in terms... and in 2022 as well, largely. If you look at 2024, we've got ZAR 162 million really on the main hotel and a little bit on The Aviary. The Aviary , we start selling immediately, it will pay for itself. Cash flow-wise, no problem. When you look through there, the main things we've done over the last few years is quite significant money gone into Sun City. Why I'm giving you these numbers, the product is in good shape. It's not like it needs massive numbers.
The last two that need really is the main hotel and The Aviary . The Aviary , we're going to do this every 10 years on all the vacationer product because the sales way exceed it. It's just a small upgrade, improvement to the rooms and sells very well, so. If they don't sell out straight away, you rent them out. Vacation Club Lefika, we've already over ZAR 229 million in sales on a, on a cost of ZAR 300 million. Performing exceptionally well, and that's way ahead of what we planned to be. We'll sell out earlier than we expected, and Lefika will basically have paid for itself more and, and more than that. The ongoing capital investment, CapEx, is ZAR 120 million-ZAR 150 million. That just—
It's a big property, and we obviously have to spend on it. The important point is Sun City is going to be meaningful to this group for the first time. If you go 10 years back from 2022, it's about ZAR 1.3 billion negative. We look forward, with all our CapEx, with everything we have to do, probably over ZAR 3 billion in cash flow we'll make out of Sun City. Just the focus areas, I think, you know, target investment, maintain properties. You know, I got an interesting email this week from a guy absolutely going on about how bad the stay was and everything else, and I forwarded to myself and was like—s o fortunately, it wasn't us. I do get them now and then. Drive additional growth international leisure market, especially into Sun City.
International's come back to Cape Town. It hasn't really come back to, to Sun City. We have got some Indians, some Chinese, and, and a few people coming around, so it is growing, but that is an opportunity. Again, I mentioned that we to still grow the rate there. Refurbish the Sun City Hotel in 2024. This is a 3-year plan, so we're not going to go and spend all the money in, in 1 year. It's going to take quite a while. 3-year financial year plan, 2-year plan, total development. Drive further cost efficiencies. There's still a little bit we can do there. You know, the ways of doing things have changed, and, and, Sun City in the past has been slow, and they're much more proactive now in doing things better and, and, and going a lot faster.
Leverage the resort for the MVG and SunBet customers. We are working well together. It is important we do work. It's an omnichannel approach. Work these skills, very important. We've got the Maseru 1 MW battery storage. It was a bit of a test case. Battery storage is still expensive. We tested this one. A bit slow. We had challenges, and just as well we didn't go, you know, all the way out there. I think we're going to see it soon, and then we'll, we'll test and see how it goes. Obviously, monitor battery storage, which is coming down in price. We'll look further opportunities at, finalise the green energy plan for Wild Coast, and finalise the wheeling solution I mentioned earlier. Sun City, it had a 1.4 MW installation, which has proved to be very viable and worked really well. We plan further PV at Sun City.
I'll hand over to Norman now. Thank you.
All right. Thank you, Anthony. Again, welcome to everyone in the room, we've got a number of participants online as well, welcome to you. Before I get into the detail of the kind of financial review, you know, if we just step back and look at Sun International from a kind of holistic financial perspective, I think a lot of that's come through Anthony's slides. On the back of a strong performance in 2022, you know, we once again produced a stellar set of results, that's despite the economy and other factors that impacted our business. In summary, you know, we emerged from this year, with SunBet continuing its growth trajectory and exceeding its 5-year targets.
We've had exceptional growth in our resorts and hotels, and our gaming income, both in our urban casinos and in Sun Slots, you know, has proven that resilience. You've seen our debt levels have at ZAR 5.7 billion, and that's taking into account the payment of our 2022 final dividend of ZAR 632 million and an interim dividend of ZAR 388 million. Overall, our business, we are a focused business with a compelling investment thesis. Our strong cash generation, you know, supports our consistent return of capital to shareholders. If we go into some of the detail, and you know, I think we've picked that up from the highlights. You know, overall income for the year was up 7% from the prior year to ZAR 12.1 billion.
Despite, you know, a significant impact on various extenuating factors, our South African EBITDA was up at 3% to ZAR 3.4 billion. Our group-adjusted EBITDA margin did reduce from 29.4% to 28.1%. You know, as a result of higher cost of diesel, you know, we incurred ZAR 128 million cost of diesel in the current year. In the prior year, we, it was around ZAR 68 million, so an increase of ZAR 60 million. You know, that talks to our alternative energy strategies as well, that we're putting in place and that opportunity to, you know, mitigate those costs. We also, from a margin perspective, we also had a high growth in our resorts and hotel, and that business structurally, operates at a slightly lower margin than the rest of our than the urban casinos. You know, excluding the diesel cost, we would have been at 28.9% adjusted EBITDA margin.
Again, if we look at each of our segments, and very briefly, income for our urban casinos was up 0.2% to ZAR 6.7 billion, and our EBITDA from that business was ZAR 2.4 billion pre-management fees. Again, that business operates, was operating at a 35.2% margin. Our resorts and hotels, as we've seen, has an exceptional year with strong growth in revenue and a significant improvement in the adjusted EBITDA margin. Again, as we've seen, it's driven by our domestic leisure, conferencing, sports, and events revenues that continue to grow while our international leisure business recovered strongly during the year as well. Our total resorts and hotels revenue was up 17.4% to ZAR 3 billion. Again, as we've seen, it's driven by Sun City, you know, with EBITDA up from the prior year of ZAR 555 million - ZAR 705 million.
Basically, our EBITDA was increased by 37% from ZAR 331 million - ZAR 455 million. Table Bay had an exceptional year, and that EBITDA increased with 50% to ZAR 159 million. If you look at our overall resorts and hotels EBITDA margin, that improved from 21.6% to 23.3%. Our Sun Slots business again showed a slight decline due to the various factors that we discussed, but there are a number of interventions that have been deployed to counter that negative impact. Our Sun Slots business is a substantial business for us. you know, it generates income of ZAR 1.7, ZAR 1.5 billion, and it an EBITDA of ZAR 351 million.
You know, we've covered SunBet in great detail, but overall, income was up 116% to ZAR 733 million compared to the prior year, and that's been driven by the increase in the number of players, the games that we offer, and overall, the customer experience from the various initiatives that have been put together by the team. As we've seen, the adjusted EBITDA generated was Z AR 221 million, with a margin at 30.22%.
In the pie charts there, on the left-hand side, you know, we see the income contribution. orth noting there is that our resorts and hotels have increased from contribution from a revenue perspective, from 23%-25%, and SunBet from 3%-6%. From an EBITDA perspective, the our resorts and hotels increased their contribution to overall EBITDA, 14%-17%. SunBet from 1% in the prior year to 6% in the current year. I think if we look at our key metrics around our debt, you know, we are in a strong financial position with our South African debt at ZAR 5.7 billion. That's down from ZAR 5.9 billion at the end of last year.
In terms of our interest cost, you'll see that our interest cost had increased from ZAR 469 million to ZAR 558 million. That increase was really driven by the increase in JIBAR, which is our reference interest rate, and that increase was 2.68%. Now, as we delever and as, you know, with the forecast interest rates coming down in the second half of the year, you know, that interest cost will come down. Our South African debt to adjusted EBITDA is at 1.7x, and that's well, well within our lenders' covenants of 3.25 x. Our interest cover is at 5.7 x, and again, well within our lenders' covenants of 3 x.
There's a lot of headroom within our debt capacity there. Our debt levels, you know, as we said, has taken into account the our dividend, our final dividend of this year of ZAR 632 million. Sorry, that's the 2022 final dividend and ZAR 388 million of interim in this year. You know, dividends that we paid out was ZAR 1.02 billion. Again, this is evidence of our cash, strong cash generation of the group, as well as our prudent allocation of capital. You know, we continue to prioritize increasing free cash flows and with our disciplined allocation of capital to maximize shareholders within a set of fundamental capital allocation principles that we follow, you know, quite stringently.
If you look at, June 2022, when we reinstated our dividends, at that point in time, you know, including our final dividend, you know, we would have paid out— we would have returned ZAR 1.8 billion of capital to our shareholders. Again, our balance sheet is strong. You know, we have available liquidity of ZAR 2.3 billion. If you look at our capital investment, again, our investment into our strategic priorities is critical in sustaining and growing our, our business and ultimately maximizing shareholder returns. Our investment into, into our capital expenditure is, is, is, is extremely circumspect and, you know, we expect to get the appropriate returns required from these investments. You know, again, no.
You know, we've had, we're not undertaking any massively expensive type of CapEx, but we have expanded our timeshare at Sun City at a cost of ZAR 295 million. That's our Lefika Villas. Up until the end of February of 2024, we've realized ZAR 256 million from the sales of these villas. Our investment in GrandWest was at ZAR 133 million. Again, our South African refurbishment and ongoing CapEx, you know, of which comprises the total of 855 comprises 191 of major CapEx and ZAR 664 million of ongoing CapEx, and that represents around 7% of our South African income.
If you look at our cash flows, I think this is, you know, quite a powerful picture that we present here. Our cash generated from South African operations after working capital, tax, and major and ongoing CapEx was at ZAR 2.4 billion. If you look at that cash conversion from our cash generated by operations of ZAR 3.6 billion, you know, that's a 65.4% cash that's converted to free cash. Once we've, you know, kind of serviced our expansion CapEx, our interest payments, we have ZAR 1.4 billion that's available to return to our funders of capital.
In conclusion, if we look at our earnings, our adjusted earnings has, Anthony's indicated, improved from ZAR 1.1 billion - ZAR 1.142 billion, and that's equivalent to adjusted headline earnings of ZAR 4.68 per share from the prior year of ZAR 4.42 per share. Again, in terms of dividends, in line with our capital allocation framework, our dividend strategy is to provide shareholders with an appropriate and sustainable payout over the long term. While we maintain a targeted debt to adjusted EBITDA of 2x, our dividend payout ratio is 75% of earnings.
On that basis, we've declared a final cash dividend of 203 cents per share, and that totals ZAR 532 million for the year. If you take into if you look into together with our interim dividend and the final dividend, our total dividend for the year declared is ZAR 920 million. If you look at it per share, per share, cents per share, it's 329 cents per share, and if you compare it to the prior year, I'll get that number now. The total dividend, sorry, is 351 cents per share, which represents an approximate 7% increase from the prior year. Post the payment of our dividend, we will still be below 2 x debt to EBITDA. Okay, that brings me to the end of my section. I'm going to hand back to Anthony now. Thank you.
Thank you. Okay. Sorry, I know we, we're going to leave time for questions, and I know we try get this, I'll try to go through this quite quickly. I think some of this we've given before. I think it's important to look where we were and where we're going to in terms of the Peermont acquisition, and why we believe we're well positioned to do this now. You know, if we go back, sometime, we were highly leveraged, over 3.7x debt to EBITDA. We weren't paying dividends for a number of years. Really just, just I think when Times Square opened, is when we stopped paying dividends due to the high leverage. We had complicated group structure. We bought out a few minorities, as you've seen. We had international investments, around the world, in Chile and Argentina, all over the places.
Minorities and inefficient structure. Operationally, there was a lot of work to be done, and you can see the margin. We're still above 2019. Consider additional ZAR 180 million diesel costs, ZAR 160 million, because there was nothing in 2019. The margin would be another 1.5% up. You know, we are well above that, that above 2019 and still well above the margin with not much revenue growth. What we have achieved, obviously, the balance sheet below 2 times the EBITDA. We've maintained a dividend payout of 75% of adjusted HEPS. We've simplified the group structure. We have acquired a number of minorities over the last six, seven years. There still are some. There still is some complexity, but we're well aware, and we, we will still deal with that and take opportunity over time, over time.
We exited most material international operations. Nigeria is close. Not much discussion, but we're close. For a focus strategy, work on the margin improvement, strong growth in online, and capital allocation, discipline, driving returns. We are only invest capital where we need to, and obviously drive the return as well. Where we are today, we've got a focus group, a real omnichannel approach. They all work well together. We got obviously your SunBet, Sun Slots, hotels and resorts, and urban casinos. We bring them together, we bring our customer together, and we try and get much as we can out of the customer.
Efficiency operations, margin enhancement, capital allocation, cash flow generation, I think all of these are really, are working well, and obviously scale and diversification. The scale is the important point. You know, bigger is always easier the opportunity to save costs and do other things, hence the Peermont acquisition. When you look at the Peermont Group, ZAR 7.3 billion enterprise value, generating ZAR 1.3 billion EBITDA. The margin is really good. Implied EV/EBITDA multiple is 5.8x, attractive implied P/E and cash flow multiples. The cash flow generation, they keep their cap rates to below 6% of revenue, and obviously, it's fantastic cash flow on the bottom line. The acquisition will be fully debt-funded.
Just looking at some of the, you know, integration, I think, is going to be key. There's a lot to happen, a lot to do. There's still a long regulatory process. I'll start there. That's likely only to be concluded towards the end of this year, Q4. We're certainly hoping quicker. We engaged the DTR already. Comcom will be next. The gaming boards we're engaging with, but they do take their time. Operations, we look at procurement and capital expenditure efficiencies. We certainly think we can get some there, and obviously, an increased offering to our customers. I spoke about the omnichannel approach, Sun City, SunBet. Technology, we do have different technologies, but we see this as a long-term advantage of integrating, working on one platform on whether it be gaming, finance, or HR.
Online, integrate their customer database from the PalaceBet business, as well as their, their Emperors Casino customers as well, and the whole Peermont Group. People, they've got over 2,500 people. There's some good people there. We know a lot of them. It'll help the group with our skills and help us grow and give people more opportunities. That's important because people like working with companies where they have opportunities to grow. Group structure, they've got a very complex structure. We will sort it out. As part of the acquisition, they have to clean up this complex structure they've created. Then organization structure, we've got a review head office. We've got to look for efficiencies.
We won't be doing any attrition, any retrenchments, merger-related, but there's always natural attrition, and we will look for opportunities to enhance and obviously streamline our head office. They tend to run a head office partly out of Emperors, which serves the units, and they have a few head office people, the real overheads. Those are ones we will be able to incorporate and help to work in the business. You know, it's HR, it's legal, so all of them can fit in quite well and quite easily within us. Strategic rationale, I think scale is the big thing. You know, bigger properties, you've seen them perform well. Look at our numbers, look at everyone's numbers. The smaller properties are backing, the bigger are doing better, they're more resilient, and the cash flows, earnings are generally better.
Less CapEx, percentage of revenue-wise, and therefore better margin, better cash flow growth, which is very, very important. The online strategy I've spoken about, and our team is definitely far more advanced. They've got a very small team. They're not sure what to do. They got the customer base. That's all we want. We'll absorb their team, and we're certainly going to look to grow our online business quite nicely. De-gearing, you know, we see this within two to three years, de-gearing below 2 x, while we still pay dividends. We're not stopping paying dividends. We're reduced from the 75%, likely to the 50%. Obviously, at the time, we'll see, but, but we don't see us go de-gearing much more than 2.6 and rapid de-gearing thereafter. Return to shareholders, I've mentioned the 50% repayment.
We'll continue that. Transaction timing I spoke about. Just look at the strategic focus and outlook. You know, we've spoken a lot about our capital allocation and, and, you know, it's been very important. We've brought it up a few years, and we've followed what we said. Obviously, consistent dividend payouts, a 75% ratio while de-gearing and still de-gearing. I think we've, we've ticked that box. We maintain and grow existing assets. We work in alternative energy. We're targeting major refurb at 6% or CapEx and refurb at 6% of revenue. Resorts, we know they're a little bit more intensive where Sun Slots isn't, okay? There's a bit of a balance here.
We've had a bit of catch-up here and there to do, but ultimately, our target is still 6%, we'll keep pushing to get there. Minority buyouts, we are looking. We've got GPR still to deal. We have bought some minorities, we'll continue to look at opportunity here. Other expansion projects, we'll propose Peermont Acquisition is probably the biggest one. Investment in Lefika, as I mentioned, trading very well, the expansion of GrandWest Hotel. Very focused, expansion opportunities. Share buybacks. We started in 2022, but as you can imagine, we're in a pretty much closed period most of last year. Peermont didn't start in November, started way before that. We're large in a closed period, we will still look to see opportunistic share buybacks, where we feel it's value.
Not nothing significant, but certainly, just looking and looking at it. There are a number of other assets. I think we left Nigeria off here as well, but Nigeria, we're close to exit, I mentioned earlier. Swaziland, ZAR 73 million, could be a little bit more. There's still a process in liquidation, not within our control, but, but going quite nicely. We've got the KSL land. We're looking to sell that. We have sold it. We've got a deal. It is going to be a payment plan. It's a difficult piece of land to manage. It's a big piece of land, and we should— we will get that as well. Town Square land transaction is in process, and the transfer is happening.
We get ZAR 70 million, and we swap the shares for some of the land. It was a bit of a complex structure, but we've effectively got their shareholding and plus cash. Then Sun Dreams earn-outs, we've agreed the first one is achieved. It should be around May this year. The second one, we're just discussing because there's a bit of disagreement on when it should be, which year. He's saying 2025, we're saying 2023. He's admitting that it's going to be achieved. 2023 was achieved, and so we're in that fight at the moment, but close to having an agreement and really that the earn-out will be achieved and the payment plan, what will happen. Both of those are looking very, very positive. We look at the investment case, you know, why Sun International? What do, what do we offer? You know, sustainable growth.
I think even our urban casinos are doing, are doing okay in this environment, and we see with economic economic recovery, them starting to do well. We've obviously got the growth in online and the hotels and resorts, and then clearly, if, if load shedding improves, we also see our LPMs doing better. Profitability, our margins are all up. They're well up from prior years. You know, SunBet's got a great margin, up to 30%, and we should be able to maintain this while still investing significantly more in marketing. There might be a time we choose to market even harder, so while they're margin city, don't be surprised if, if we choose to do it. It is about the future. It's not about next year's EBITDA, it's about 2028's EBITDA, and we're targeting that quite aggressively.
Certainly, AF's up and a nice growth, nice recovery post-COVID, and continue to show it. Scaling the group, we spoke about Peermont, very, very important. Overall, improved cash flow, improved generation, and that's what it's about. We will have a bigger group, better cash flow, better contribution share down the road to shareholders. A strong cash generation. I mean, the numbers prove themselves. We're paying dividends and still de-gearing, and significant dividends. Shareholder returns, we've spoken about the buybacks, we've spoken about the dividends. I think that's all speaks for itself. Just look at the outlook. You know, I think obviously, the key issues, urban casinos, we don't expect large growth here.
We're expecting to maintain it, maybe grow a little with inflation. It is about the sort of the large urban casino, the smaller ones backing a little. Ultimately, casinos are not disappearing and performing okay. Sun Slots, we're hoping the load shedding eases, and this will start doing. Just come back to urban casinos. The start of the year has been a little bit better than the prior year, especially the bigger properties. Resorts and hotels, we still see further upside here. I spoke about Sun City. You could see there's still opportunity for more numbers, and Table Bay is still continuing to outperform last year, and the base is a lot higher, so performing well. You know, Wild Coast is a better start to the year as well, and hopefully, that will continue.
SunBet, we've still seen growth. You've seen the deposits stay up there. We're still well up on the prior year. That's two months in, two and a half months in. We've seen good volumes, good, good traction and continue to grow. Overall, probably urban casino is a little muted growth. Sun Slots, probably flat. You got hotels and resorts, still some more growth to come. Then Sun Slots, strong growth. I think the group really has some really good sectors and really performing well.
Okay, I'm going to stop there and rather take questions. You got the mics. There's roving mics. Anyone ask? If you're going to take a bit of time to think, we can start. There's one online question? Nwabisa will read it to me.
Sure. Anthony, there's a question from Sandile Magagula from Umthombo Wealth. He wants to know: Given a chance, will you sell the rest of the assets from Peermont and keep Emperors? I think you've addressed that a bit in the presentation. What he wants to know is what the most likely cumulative cash inflow figure for Sun City over a period of three years, starting in 2024, is. He then also further still wants to know from Peermont that it comes with an expensive pref share at 188% of prime. Is it a priority for Sun International to see off pref share capital from Peermont balance sheet? I'll stop there.
Okay, thank you. Just remind me of each question. First of all, Peermont, look, there's no decisions made on the assets at this point in time. We're working with Comcom, we're working on what we do, and those decisions will be made with time. There's still, there's still good little properties. Some they're trying to relocate Mombasa to Rustenburg. That does impact us. Maybe we want to relocate it. There's some opportunities within the asset base, and we're going to have to assess that as a board. Okay, the next question was on—
There was some cash flow, Sun City.
Yeah. Sun City's cash flow, I think, you know, we've, we've set a very good base, so where we are now, you know, ZAR 455 million, less than ZAR 25 million, ZAR 430 million EBITDA. W e think that can grow and at a faster rate than inflation, given the opportunity still in occupancy and a little bit in costs. CapEx, I mentioned ongoing refurbs and maintenance. We've got CapEx numbers for next year. I've mentioned the last big project. I said the last for the, for the, the medium term, the Sun City main hotel. We'll be cash positive, 2024, 2025, 2026, despite the investment in the main hotel and The Aviary , which will be immediate cash sales. Just to understand the vacation club model a little bit, you know, we're spending, over a two-year period, ZAR 190 million.
There's like ZAR 500 million in sales that will happen. There's a lot of cash gonna come in. You won't see it in the numbers because it gets amortized. You get the sale upfront, cash comes upfront, and you amortize it thereafter. Sun City, we do see cumulatively, this year being a really good base to look at, but then with the Sun City Hotel, major refurb, radioed, and the fee will be self-cash funding. I wouldn't worry about that too much. It will be totally funding itself and any development and cash positive immediately thereafter. The last one was back to Peermont on—
On the pref share.
The pref shares.
Yeah.
The whole pref structure has been restructured. They're paying off these expensive prefs. We will refinance all their debt with not expensive prefs. That pref will be gone, that expensive pref, we're not taking it over. Ultimately, the debt structure will be restructured. We will have some prefs, they'll be at a reasonable percentage of prime, not at 178% of prime. It'll be normal. I think we fund it. There's a lot of bankers in the room, about 65% of prime. We are expecting very competitive pricing from the bankers. We know they're all looking for business.
Ultimately, I think our pricing is pretty competitive. The bankers have been good to us, we are seeing, I think there's a lot of demand for the debt. Just to look at collective, there's only about a ZAR 3 billion extra debt pile coming on because Peermont's got the existing debt and ZAR 3 billion to service. If you look at the collective, it's not like the bankers are, are, are having to fork out a lot, and therefore, there's not much, and they're all going to compete for it and hopefully get good rates.
Awesome. Can I move on to David Fraser? I might as well maybe just try and complete the online questions. David Fraser at Peregrine Capital. Well done on a good set of results. Post the Table Bay refurbishment and rebranding, do you anticipate a similar contribution to Sun from the new deal, in inverted commas?
Yeah, it's quite complex because, you know, at the moment, we still pay this massive lease cost. You see a huge EBITDA of, of Table Bay, and then literally half of that's going to the lease cost, and then we're responsible for CapEx as well. When you look at it over time, it's, it's a little bit less, no doubt, and especially when you look at how Table Bay has performed the last five, six years, but it's not massively significant. It's not like, you know, we're losing hundreds of million. It, it's a lot less than that. It's not massively because, as I say, we're responsible for CapEx, we're responsible for paying big loan payments, which are no longer there. That includes part of the old lease, which we're still finalizing, as well as the current lease, which is partly capitalized and partly operating, yeah.
Okay. Paul Bosman, from Granate Asset Management wants to know: Casino income in the second half was down about 4.5%, was the load-shedding impact greater in the second half than the previous year? Do you know if you lost market share during the second half?
Yeah, we've, if you look at the load shed, I think it was pretty similar. Yeah, there was peaks and there was troughs in, during the period. Casinos definitely came under a bit of pressure in many economic. Our view is, no, we didn't lose market share. In certain provinces, yes, we've got a little bit back in KZN, we're still well above 2019. We're in back a bit in Gauteng, well above 2019. Town Square has been largely flat, a little bit, of Carnival loss. Western Cape, we gained. Eastern Cape, we gained significantly. I don't want to talk North West was really as Sun City, but Sun City's done okay.
Market share's probably been stagnant, but well above 2019 level. We have, as I said, the bigger casino—t he biggest problem in the casino industry, and we all face it, is the smaller properties. The bigger properties are doing okay, and we expect to see them come in. We have seen a better start to the year than the last six months.
Sure. Let's move over to SunBet, because Paul wants to know: Are you able to gauge what % of your SunBet customers are also customers of your casinos or resorts?
It— there's a reasonable overlap, but it's not massive. We have seen that, you know, our, the customers that gamble are both contributing more, and yes, they are contributing more to the group when you take the casino play and the SunBet play. I can't remember the exact percentage. Simon, do you remember this percentage? It's about 15% overlap. Yeah, 15%-20% overlap of people playing casino and online.
Sure. Charles at Titanium Capital wants to know, given the growth and scale of online, does it make sense to acquire Peermont rather than making an acquisition in the online space?
Look, I think Peermont, we spoke about the reason, one of the big ones being scale, the cash generation of the group. Obviously a customer database for, for SunBet as well. I think there's a, a multipronged strategy here. There's gonna be efficiencies. Their, their cash generation is well enhanced from ours. I mentioned, so the critical scale, better cash generation, online customer base, some efficiencies, and, and things come over time. We think the rationale is very sound. Being bigger is makes us more attractive to different players, different buyers, different markets as well.
Sure. Kgosi at Melville Douglas wants to know: Are there any regulatory developments that worry you at this stage?
We're in a regulatory industry, and you're always facing these. The big issue, obviously, is what's gonna be targeted, what's gonna do it. There's always a room for looking for more taxes, generally, it's been pretty well received. I think the casino industry has got enough to argue that there shouldn't be much change, we've not seen. We've always seen them ask for more, doing different things, ultimately, that's the industry we operate in. We've not seen anything drastic. Where we have had tax increases, we've dealt with them quite well not too much. We don't see a wholesale change.
Obviously, smoking legislation is one that, that bothers us a little bit, but we're it's unlikely they're gonna do the last two provinces and do it, which means it's not gonna be this government, it's gonna be the next government's problem and will be pushed out even further. Yes, there's a lot of noise about the amount of online gaming that's going on. Do we see it getting regulated more? Absolutely, and we are ahead of the curve there. We are pushing. We've done ourselves to international peers comparison, what's happening there, and we are adapting our systems to be ready for it, and taking it.
There's also the gaming board's pushing more gaming. It's like you've got this responsible gaming side, and you've got more gaming opportunities. There's a bit of a balance in how they get that one right is something we're gonna have to lobby with and, and, and take forward.
Okay. I'll ask the last question from online so that we can address the ones in the room. Charles also wanted to know: With the Peermont acquisition circular, we indicated that Sun International could dispose of the smaller or regional casinos. Could you provide some insight into the thinking here and the likelihood of going ahead, and could you give us some sense of valuation matrix on disposal?
Yeah, I think I'll come back to valuation metrics because we didn't value these smaller properties at, at a high multiple. We placed much more value on, on Emperors, okay? We're certainly going to look at what the opportunities are for the smaller properties, so there's no fixed decision made on disposal at this point in time. Yeah, the valuation of small properties are between four to five, depends on the properties, around there, and maybe more, six. There's some very good properties in their portfolio. There's some relocation opportunities, so we, we, we, we're happy with what we paid. That's what we paid, and when you look at, we did value them down compared to, to the Emperors, which is cash generation's a lot better.
Any questions in the room?
Yeah.
Sure.
Hi, Anthony. Looking back at the urban casinos, right? I believe the expectation was to attain, growth in line with CPI, right? You know, given that, FY 2023 growth has, sorry, your income has actually contracted in FY 2023. How should we think about land-based casino growth going forward now?
Yeah. Look, I think if you look at the—a s I said, the gaming market has changed a lot, okay? Online's growing rapidly and other forms of gaming. Casinos, we do see getting to a point of more normality, and we are seeing a better base form, and growth will go on. It is a more of a mature asset, so it is more it's gonna be more inflationary, but the economy is in a really bad space. Ultimately, the economy easing up, interest rates have been lowered. We do see them resuming to a more normal inflationary or, you know, or lower growth than what's happening in other sectors. It's a, it's obviously a difficult one to call, but there's a lot of pressure on people.
There's a lot of difficulties. We've had to close operations at times because of load shedding and various other issues, but not a lot. Most of the time, generators kick in. Yeah, it is under a bit of pressure, but we don't see them disappearing. We do see growth coming, and largely around inflation, and obviously, economic improves, certainly around interest rates. It'll make a big difference for us, for the urban casinos.
I can ask a second question if there's no one. On SunBet, I remember in the first half results, you noted that, I mean, I think you're down by 30% in the first half, right? You attributed most of it to the delay in marketing expenditure, right, into H2. It seems like you have actually attained, you know, the 30% you also attained in the first half. Is this the new norm in terms of margins? Does it also imply that, you know, this level of growth that you have right now in EBITDA margins, does it imply that, you, you, your brand is gaining traction. You probably don't need as, as much, you know, a marketing expenditure as you—
No.
—had before?
I think in total quantum, the second half was a lot stronger in terms of revenue numbers. Okay, total quantum expenditure, marketing definitely went up quite a lot. It didn't highly impact the margin. There is a much bigger marketing above-the-line campaign coming, that we've been working on towards the end of last year and into this year. We do expect, but we expect top-line growth. I'm not saying the margin's gonna necessarily. It should improve. I don't think we want it much higher than that. We want to reinvest more in the business and spend more.
I spoke about it earlier, about maybe it's about 20 28 goals, and we'll see how the marketing campaigns go. We'll see how we change. We're in a more wealthy affluent segment. Are we gonna target some of the lower ones? How do we do it? How do we go about it? We spent a lot more because we had a lot higher revenue. It wasn't that marketing reduced, but will we spend more? Yes, we're going to. I mean, this business is about marketing. I think if you watch any sport, any airport you go through, millions has been spent. Way, way more than nearly any other industry at the moment.
Thank you.
Any other questions from the room, or let's take online again? Okay, online.
Sure. There's a question from Sandile again, from Umthombo: With the acquisition of Peermont, are there any changes we can expect from the board, additional appointments, or any positive dilution at board level as a result of the acquisition? Are you looking to integrate Peermont board members to the group's board? In which area of the board?
Okay. That's my chair. No, I think Sun International, you've got to understand, their directors are really the empowerment partner, one of them, which is actually a very small shareholding, and they've got the GoldenTree Offshore. Those shareholders, well, those directors definitely won't remain. Our group will, will keep directors. You know, we always look, maybe one of them we identify as really adding value, but the, the board will always assess the needs of the board, what we need, the skills we need, and we'll make that decision then. It's got nothing to do with whether we acquire Peermont or not.
Thanks. Just one more from Charles at Titanium: Are there acquisitions in the online space, at realistic valuations, and do acquisitions in this space make sense versus organic growth?
Yeah. Yes, I know, you know, depends. The online valuations have been massive. They have come off more even internationally, but they're still high. We're certainly not looking to make very large online acquisitions. Never rule it out in the future, but certainly our, our focus is on smaller ones that will give us a step in the market rather than on anything massive. Things can change. At the right opportunity, at the right time, if it comes along, we could look at it. Our focus here is more on the online on Africa rather than the international markets outside of Africa, and we've got a couple of assets I mentioned earlier. We are looking at it. At this stage, nothing large in the online space, and certainly not going to be paying sort of 20, 30 multiples.
Sure. There are no other questions, so I'll—if there's no other questions in the room, I'll hand over to you to close.
Okay. Well, thank you. I think I've been told that it should be an hour, no longer, so I think we're doing pretty well. Thanks, everyone, for attending. I think, you know, thanks to our management team and a lot of directors that are here as well, and, and, you know, other stakeholders, such as the banks. All sitting different banks together here. Don't talk about rates, that's, that's anti-competitive. We really. I think it's, you know, the team's done an incredible job at Sun. I think, you know, we really have built a good team. It's going very well.
We are dedicated, I think when you look at the tough industry we face and tough business, the urban casinos, enough's been said about that, we still see growth, we see opportunity, and we certainly, where we are growing in the online hotels and resort space, we're doing very, very well. Thank you, everyone. A nd look forward to the half year results.