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EXHIBIT 12
SUN INTERNATIONAL HOTELS LIMITED AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands of Dollars)
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FOR THE SIX MONTHS
FOR THE YEARS ENDED DECEMBER 31, ENDED JUNE 30,
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ACTUAL ACTUAL
1996 1997 1998 1999 2000 2000 2001
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Earnings available for fixed charges:
Earnings (loss) before income taxes and
extraordinary item 46,298 92,333 65,755 79,146 (112,791) 100,143 57,972
Interest and amortization of debt discount
and expense 3,133 24,370 4,516 50,699 45,678 23,320 26,836
Interest element of rentals (A) 568 879 1,187 1,893 1,963 993 1,217
Cash distributions received from equity investees 1,419 1,589 2,061 2,651 2,848 1,686 1,732
Less equity earnings in equity investees (2,530) (2,214) (2,730) (2,628) (4,225) (1,014) (2,804)
Amortization of capitalized interest -- -- -- 1,417 1,580 790 974
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Earnings available for fixed charges 48,888 116,957 70,789 133,178 (64,947) 125,918 85,927
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Fixed charges:
Interest and amortization of debt discount
and expense 3,133 24,370 4,516 50,699 45,678 23,320 26,836
Capitalized interest 438 6,778 35,304 4,865 11,072 4,558 822
Interest element of rentals (A) 568 879 1,187 1,893 1,963 993 1,217
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Total fixed charges 4,139 32,027 41,007 57,457 58,713 28,871 28,875
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Ratio of earnings to fixed charges (B) 11.81 3.65 1.73 2.32 -- 4.36 2.98
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(A) The Company estimates the interest component of rent expense to be 0.33.
(B) Earnings were insufficient to cover fixed charges by $123,660,000 for the
year 2000.