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suninternationalReuters reports that Sun International’s chief executive announced on Monday that the hotel and casino operator had closed loss-making operations to cut debt after reporting a drop in full-year adjusted earnings.  

The gaming group had expanded in Latin America, but some of its businesses overseas and also in South Africa fell short of expectations, putting increasing pressure on its debt.  On Monday, it announced the closure of loss-making operations, including the Fish River Sun, Sun Nao Casino in Colombia and the International VIP Businesses in both South Africa and Panama.  It also closed the 66th floor casino and cut staff at its Ocean Sun Casino in Panama.  In South Africa, it plans to restructure the Boardwalk casino and hotel and address the performance of its Carousel casino in the North West province.  CEO Anthony Leeming said closing loss-making entities would have a positive impact, as would the interventions put in place at the Ocean Sun Casino, the Boardwalk and the Carousel.

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