TRADING ENVIRONMENT Sun International achieved another very positive performance this financial year. Improved levels of disposable income arising from lower interest rates and increased consumer confidence were the primary drivers, particularly of our gaming operations. Our  hotels  and  resorts  had  a  challenging  year,  largely  as  a consequence  of  increased  competition  from  Dollar  denominated destinations due to the Rand strength, additional capacity in the five-star  market,  and  a  trend  to  a  “buy  down”  by  international tourists. The Rand’s performance has served to keep inflation down to levels which  make  a  6%  growth  in  GDP  that  much  more  achievable. Sound  planning  and  focused  cost  control  will  be  required  in  the future, given that revenue growth rates currently being achieved are unlikely to be sustained. Chief  executive’s  report Sun International has  positioned  itself  as  a  successful  leisure group  offering  superior  gaming,  hotel  and  entertainment  experiences,  which  exceed our  customers’  expectations  and  our  competitors’  offerings.