Sun International: Cost reductions to axe 1 700 jobs

Sun International planned to cut 1 700 jobs to reduce costs, South Africa’s second-biggest hotel and casino operator said yesterday. Along with rival Tsogo Sun, it has been struggling in recent years as the weak economy and high household debt keep consumers away from gambling and domestic travel. The company, which reported almost no growth in quarterly sales in October last year, employs more than 7 000 people. It did not say how much it was aiming to save with the job cuts. Sun International shares were up 0.93 percent to close at R98 yesterday. – Reuters