New Zealand

Standard & Poor's Ratings Services has assigned its 'BBB-' rating to SkyCity Entertainment's NZ$100 million ($64.8 million) seven-year bonds.

SkyCity Entertainment Group announced an offer of up to $100 million in seven year bonds to reduce the drawings on the company’s bank facilities.

SkyCity announced that long serving SkyCity director Peter Cullinane will retire at the company’s annual general meeting in November.

Cullinane, who joined the SkyCity board in 2008, is chairman of the board’s Corporate Social Responsibility Committee and has championed the company’s increasing focus on CSR, the company said.

In accepting his resignation, chairman Chris Moller thanked Cullinane for his contribution to SkyCity.

SkyCity Entertainment, which operates six casinos in Australia and New Zealand, says it plans to focus on its business in New Zealand for future growth and isn’t looking at acquiring new properties in the increasingly competitive Australian market.

 

SkyCity Entertainment, which operates six casinos in Australia and New Zealand, says it plans to focus on its business in New Zealand for future growth and isn’t looking at acquiring new properties in the increasingly competitive Australian market.

The company has several projects in various stages of development to lock in earnings growth from around $800 million of capital expenditure in the next three years.



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SkyCity Entertainment reported normalized revenue of NZ$1 billion ($657 million) for the full year ending June 30, 2015, up 8.7 percent on the previous corresponding period.

SkyCity Entertainment is enhancing its Auckland property with a major upgrade costing NZ$24 million ($15.8 million) of its main atrium.

New Zealand-listed SkyCity Entertainment says the impact of a new Community Benefit Levy and tax changes in Australia’s Northern Territories will push up operating costs by about $1 million ($669,404.979) a year, less than the $6 million it originally estimated.

Auckland Council announced that independent commissioners have decided that the resource consent application for the New Zealand International Convention Centre will proceed without the public’s input.

Auckland poker player Dan Sing won the Main Event at the New Zealand Poker Open at Sky City Casino, taking a princely sum of $50,860.

SkyCity Entertainment Group said its revenue rose 17.9 percent to $415.6 million in the second half of the 2015 year-to-date, attributing the growth to its international business which saw a 63 percent increase in turnover boost to $8.62 billion during the period.

In an investor presentation, the Auckland-based company said the rise in international business reflected an improved win rate of 1.37 percent compared to 1.12 percent in the previous corresponding period.

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