New Zealand

New Zealand Racing Board (NZRB) announced net profit before distributions of $146.7 million for the year ending July 31, 2016, as well as the commencement of a new, independent inquiry for greyhound racing.

Australian and New Zealand casino operator SkyCity Entertainment Group has announced the appointment of Graeme Stephens as its new chief executive officer.

New Zealand casino operator SkyCity Entertainment Group says the recent Crown employee arrests are “likely to be adverse” to its business in the short and medium term.

New Zealand gamblers lost more than NZ$843 million ($594.5 million) in slot machines in the last year, the largest since 2012.

Luxury gaming manufacturer Interblock has partnered with SKYCITY Auckland to install a stadium-style gaming experience and six additional electronic table gaming (ETG) banks, bringing a total of 67 electronic table game seats to the casino floor.

SkyCity, New Zealand’s only casino operator, says it’s optimistic about the growth prospects for its international business after delivering a record year in 2016, helped by investment in VIP facilities.

In announcing its full year results, SkyCity former chief executive Nigel Morrison received base pay of $1.66 million and short-term incentive pay of $2.06 million in the year to June. However Morrison resigned unexpectedly in April and his last working day at SkyCity was April 29.

In addition to those payments, Morrison was reportedly paid $2.3 million for six months’ salary of $978,950 in lieu of notice plus a $978,950 short-term incentive in respect of that notice, as well as dividends of $363,196 from his long-term incentive shares.

SkyCity is likely to deliver a “positive surprise” this results season, while Crown and Ainsworth are likely to underwhelm, said CLSA in a note on Wednesday.

Australian wagering giant is reportedly looking to launch a takeover bid for the management rights of the fixed odds business of New Zealand’s TAB, the Australian Financial Review’s Street Talk reports.

The move is said to be part of the wagering giant’s push into overseas markets to diversify its earnings.

On Tuesday, The New Zealand Racing Board, which runs the TAB confirmed Tabcorp was one of three organizations bidding for the contract.

Casino operator SkyCity Entertainment Group Ltd has announced it will issue a total of 1,057,894 new shares to participating eligible retail shareholders.