Earnings call transcript: Sun International posts H1 2026 growth as stock rises
Sun International reported an 8% increase in its first-half 2026 adjusted earnings, as the company's land-based casinos experienced a resurgence after three years of decline. The online platform, SunBet, also saw significant growth, expanding more than 35% year-over-year. The stock price responded positively, rising 2.46% to $4,920, bringing the shares closer to the upper end of its 52-week range.
Adjusted EPS rose about 8% year-over-year. However, land-based net gaming revenue (NGR) grew only 1.5%, indicating that the company's heavy bonusing and incentive spending held back overall growth in this area. Land-based casino gross gaming revenue (GGR) increased 4.4%, marking a turnaround after three years of decline. The company's debt to EBITDA ratio stood at 1.6 times, below its 2.0 times long-term target.
Management attributed the growth to deliberate investments in product, marketing, and technology, while noting that the cost of growth was evident through higher spending on bonusing and incentives.
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