New-Zealand headquartered Skycity Entertainment Group is a casino operator, with properties throughout Australasia. The Skycity group owns five casinos in Australia and New Zealand, including Adelaide, Auckland, Darwin, Hamilton and Queenstown. SkyCity group is listed in the New Zealand Stock Exchange.
Executive general manager gaming, SkyCity
SkyCity Entertainment was given a formal warning by the Department of Internal Affairs for breaching the Gambling Act after it emailed loyalty customers in March, saying that its online casino was still open for business despite the Covid-19 lockdown.
Star Entertainment says it moves to the next stage in reopening at its Sydney property from Wednesday, whilst casinos in Queensland get ready to open their doors from Friday.
With no active cases of the coronavirus left in New Zealand and no new cases in a fortnight, New Zealand will be removing all social distancing restrictions from Tuesday 12 am. This involves downgrading New Zealand’s alert level to level one, where the only restrictions left in place will be that of international border controls, […]
As casinos in Las Vegas begin to open their doors, SkyCity Entertainment recounts its experience as one of the first properties to open in the Asia Pacific region, saying the industry needs to make sure it’s sharing ideas and learning to ensure the doors stay open.
SkyCity Entertainment is describing trading activity in its New Zealand business since reopening on 14 May as “encouraging”. “Domestic customers have returned to the SkyCity properties despite limited capacity, restrictions around mass gatherings, and physical distancing requirements,” said the company in a statement. The domestic gaming businesses in Auckland and Hamilton have delivered very pleasing […]
SkyCity Entertainment is facing some criticism for using its membership program as its contact tracing tool as it prepares to open up its casinos this week. This means that as the doors open on Thursday, only those previously enrolled in its membership program will be allowed to enter, and those seeking to use its casinos […]
From Thursday businesses other than bars can reopen, including retail stores, malls, playgrounds, cinemas, and gyms, but with strict physical distancing and hygiene requirements. People will be able to socialize and travel around the country. In addition, all schools and early childhood centers will open next Monday, while bars will be allowed to reopen next […]
Casino operator SkyCity Entertainment Group is planning to slash another 700 jobs amid a slowdown in business due to COVID-19. This comes after around 200 salaried staff were dismissed in early April, citing COVID-19 had caused “an unprecedented impact on people, businesses and the global economy”. This time, the company cited weaker economies, lower personal […]
Contractors will move back onto the burned-out and damaged site of SkyCity’s $900 million International Convention Centre from Tuesday next week to restart work. Demolition work on the upper floors and roof of SkyCity’s partly built seven-story convention center in downtown Auckland began in late January following a disastrous fire in late October 2019, but […]
SkyCity’s new hotel and casino in Adelaide is to be named after Eos, the goddess of the dawn in Greek mythology. Eos by SkyCity Adelaide General Manager Jodi Brown says the name Eos has even more significance following an incredibly challenging period for hotel, hospitality and tourism operators: “Eos is an embodiment of hope and […]
Claims that the fire in SkyCity’s International Convention Centre started because a contractor left a blow torch on while on a lunch break have been refuted in an investigation by the Fire and Emergency Service. Instead, the report says that the fire started after the cardboard inner of a cap sheet roll was momentarily exposed […]
SkyCity Entertainment, New Zealand’s only listed casino operator, is likely to post a loss in the first half of fiscal 2021 as the Covid-19 pandemic hits, the country’s largest brokerage firm said.
SkyCity Entertainment Group issued a public statement on Friday morning announcing it was laying off 200 of its New Zealand employees immediately, and making clear that it foresaw serious long-term consequences from the current Covid-19 crisis, including a future as “a smaller, domestically focused business.” SkyCity announced a raft of measures to reduce costs, including […]
New Zealand will go into complete lockdown, except for essential services, from midnight Wednesday. The government has raised the COVID-19 alert level from two to four – the highest level – where all businesses are to close and people are to work from home. Schools and other educational institutions closed yesterday. The measures are in […]
SkyCity Entertainment says it expects its EBITDA for the year to end June to be about $55 million lower than its previous expectations, assuming its properties remain open.
Chief Executive Graeme Stephens told a New Zealand media outlet that in the event the government declared a total lockdown resulting in casino closures, that he could not rule out job losses among the firm’s more than 5,000 staff. “We note that in other countries where total lockdowns have taken place, everything closes, so we […]
The New Zealand government has released a NZ$12.1 billion ($7.5 billion) stimulus package to maintain jobs and boost the economy particularly to help the lower paid, beneficiaries and those whose jobs are at risk.
SkyCity Entertainment’s share price has been tumbling amid widespread falls on the New Zealand and international stock markets as fears about the impact of COVID-19 spread. The company’s share price fell from its one year peak of $4.13 on January 15 to close at $3.20 on Friday, a fall of 22.5 percent, one of the […]
SkyCity has dropped plans to build a luxury hotel in Queenstown, at least until its international business improves. And that in turn depends on an end to the Covid-19 coronavirus and Chinese nationals being allowed to travel again. The company already has two casinos in Queenstown, one of which has a high rollers room. Restrictions […]
The half-year profit for New Zealand’s listed casino and hotel operator SkyCity Entertainment has dropped nearly fifteen percent on lower revenue and the impact of the fire in its partly constructed international convention center last October. SkyCity Entertainment has recorded a nearly three hundred percent increase in reported net profit to NZ$328 million (US$213 million) […]
A leading New Zealand broker has given the thumbs up to SkyCity Entertainment’s development program but noted that the company will struggle to earn more than the cost of its capital. In a broker note released last week, Craig’s Investment Partners says there is “significant risk involved in the capital intensive program, which is expected […]
SkyCity Entertainment has confirmed that its insurance policy covers damage from the fire which struck its convention center in Auckland. In a statement to the NZ Stock Exchange, SkyCity also confirmed that its contractor Fletcher Construction has contract works insurance which will cover fire damage on the project. SkyCity’s insurance broker has been named for […]
SkyCity Entertainment confirmed this morning that it would be unlikely to host any events at its fire-damaged international convention center in 2021. This would include the 2021 APEC summit due to be held in Auckland. Company Chairman Rob Campbell told an investor audience in Adelaide that “it will be some time before the impact of […]
SkyCity investors will get their first update on Thursday after the 22 October fire that wrecked the company’s showpiece convention centre in downtown Auckland.
An investigation team of ten different government and council agencies are investigating the cause of the SkyCity fire last week, which was allegedly the result of an unattended blowtorch left on the rooftop. According to some local media reports, the young man was working for a subcontractor and accidentally left the blow torch on when […]
SkyCity’s hotels, casinos, and F&B establishments have begun to reopen again, following a fire that broke out on Tuesday last week. The fire began at lunchtime on Tuesday at the top story of the seven-story complex, requiring nearly a hundred firefighters to get it under control. The cause of the fire has not yet been […]
The fire in the roof of SkyCity’s partially built new international convention centre in downtown Auckland is still burning but firefighters say it will likely burn itself out.
SkyCity Entertainment Ltd.’s landmark international convention centre in downtown Auckland has been severely damaged and its future is uncertain after a massive fire ripped through the NZ$700 million centre and associated five-star hotel.
The New Zealand Department of Internal Affairs is planning to implement a ban on the use of credit cards for online gambling, local media reports.
Casino operator SkyCity Entertainment Group, and its New Zealand properties has been certified as “carbon neutral”, as part of the company’s moves to become a greener business. The NZX-listed company has paid around $86,000 to offset the equivalent of 12,866 tonnes of carbon from its Auckland, Hamilton, and Queenstown businesses. The operator is aiming to […]
SkyCity Entertainment Group has created a new hotel management division in an effort to create a wider network of SkyCity branded properties. Named SkyCity Hotels Group, the new company has been set up to “deliver on SkyCity’s hotel growth strategy and manage on-going projects, including the Horizon Hotel in Auckland, the Adelaide Casino hotel, as […]
SkyCity has announced the launch of the Baccarat side betting alternative, Lucky 6, which will be introduced across its properties in New Zealand. The new side bet, which marks its debut in New Zealand, is now available in the VIP areas and Baccarat Room at SkyCity Auckland and will be coming to SkyCity Hamilton and […]
Workers at SkyCity Casino in New Zealand organized a weekend-long strike for the second week in a row, attempting to improve their weekend and night-time pay rates, local media reports. Unite union’s national secretary, Gerard Hehir said the workers were seeking better pay rates for weekend and night work, but negotiations have made no progress […]
New Zealand hotel and casino operator SkyCity Entertainment Group has reported flat normalised earnings and profit in full year financial results released on Wednesday.
SkyCity Entertainment Group’s online gaming website is now up and running for New Zealand players. The announcement follows an agreement that was signed between international iGaming company Gaming Innovation Group Inc (GiG) and Skycity on May 21, 2019, for the provision of its turnkey and fully managed online casino solution, including a gambling license. SkyCity’s […]
Using credit cards to gamble online may be banned in New Zealand as the country’s gaming regulator looks at measures to minimize harm. Earlier this year, SKYCITY, New Zealand’s major casino operator, announced plans to move into online gaming on a platform operated from Malta. The Department of Internal Affairs, the industry regulator, is reviewing […]
SkyCity Entertainment Group on Wednesday has announced its Maltese subsidiary has partnered with international iGaming company Gaming Innovation Group Inc (GiG) to provide New Zealanders with an online casino gaming platform. The proposed ‘skycitycasino’ online gaming site is expected to be launched in mid-2019 and will be operated from Malta under a .com URL. Online gambling […]
SkyCity shares have dropped nearly five percent after the company downgraded its end of year profits guidance due to weaker than expected trading in the first quarter of the year. The company told an investors conference in Australia that group revenue was down two percent due to a low win rate in international business and […]
SkyCity Entertainment said it’s moving David Christian back to head the company’s Adelaide operation after the recent sale of its Darwin casino. Christian previously held the Adelaide position from 2006-14. He was also previously General Manager at SkyCity Auckland and in Hamilton before that, and overall has more than 30 years’ experience in hospitality, hotel […]
New Zealand casino operator SkyCity has sold all of its car parking spaces at its central Auckland hotel and casino complex for NZ$220 million ($141 million). The purchaser is the Macquarie Principal Finance Group and the parks will continue to be available to SKYCITY customers, staff and the public. The sale was first mooted last […]
Australasian casino and hotel operator SKYCITY Ltd has beefed up its management team with two new appointments for Asian sales and in property management.
SKYCITY Entertainment CEO Graeme Stephens is optimistic about the group’s prospects, helped by expansion in Auckland, a planned venture into online gaming and a rebound in international VIPs, although analysts remain cautious. New Zealand’s only listed operator this week posted record profit of NZ$170 million ($113 million) for the 2017/18 financial year. The company improved […]
SKYCITY Entertainment Ltd, the NZX listed operator of six casinos and hotels in New Zealand and Australia delivered record results in FY17, as international business rebounded and following a general improvement in all the company’s operations. The company’s full-year results to June 2018 saw NPAT of A$170 million (US$113 million) – up ten percent on […]
SkyCity Entertainment says the AS$330 million ($248 million) expansion of its Adelaide Casino into an IR will begin next month and Australian construction firm Hansen Yuncken has been appointed as project manager.
SKYCITY Entertainment Group said it’s agreed to sell a carpark in Auckland for $40 million as part of a program to reduce assets and raise capital to pay down debt and fund future growth.
New Zealand casino operator SkyCity Entertainment Group on Tuesday reported a 4.6 percent increase in revenue year-to-date, helped by a 2.6 percent increase in domestic revenues. In its New Zealand properties, its flagship Auckland property performed well in 18Q3, but was impacted by weaker table games performance in the month of April. Its Hamilton property […]
SkyCity Entertainment Group is looking to sell its Darwin casino business for at least A$200 million (US$154.3 million), but will have a hard time finding a buyer, according to a report from The Australian. Last month, in an investor presentation, SkyCity said that was aiming to divest its non-core businesses to focus on major projects, […]
Casino operator SkyCity Entertainment Group says it is looking to adopt a “asset-lighter” approach to improve returns and allocate capital more efficiently. During an investor presentation held on Tuesday, SkyCity said it is seeking to monetize selected property assets and divest non-core businesses in order to fund strategic / growth initiatives. These include the sale […]
SkyCity has been ordered to pay NZ $25 000 (US$18,250) to an employee it wrongfully dismissed in a row over the treatment of a high roller. Keith Hayashi was shift manager at SkyCity’s Auckland casino and misunderstood instructions about how to handle a high roller’s betting limits. The high roller, identified only as Mrs A, […]
New Zealand casino operator SkyCity Entertainment Group reported an 11.6 percent rise in net profit for the half year ended December 31, 2017, aided by modest growth in its NZ properties and growth in international business. Such net profit reached NZ$93.5 million (US$67.6 million), while reported revenue amounted to NZ$554.7 million, an increase of 4 […]
SkyCity has appointed Liz McNally into the newly created position of chief marketing officer. Immediately prior to her new appointment, McNally was chief marketing officer for media and entertainment company, NZME, which owns newspapers and a network of radio stations and other titles across New Zealand. Joining in August 2014, she was responsible for the […]
Casino operator SkyCity Entertainment Group says it expects “modest growth” for the 2018 financial year, based on year-to-date figures. Normalized revenue for the first four months of the financial year rose 1.7 percent – due in part to a 3.1 percent gain from its domestic business, said the company in a UBS Investor Conference on […]
New Zealand casino operator SkyCity has acquired a major interest in a 17 storey office building located on the Federal Street precinct. SkyCity chief executive officer Graeme Stephens says it plans to use the building to “add further accommodation, restaurants and bars, and entertainment facilities for the public.” Named the AA Centre, the property is […]
New Zealand-based casino operator SkyCity Entertainment Group has announced the retirement of its group chief operating officer, John Mortensen, effective December 31, 2017. According to a filing from the company on Tuesday, Mortensen leaves SkyCity to retire to Australia. In his place will be Michael Ahearne, who takes the role January 1, 2018. Mr. Mortensen […]
Casino operator SkyCity Ltd, which operates casinos and hotels in Australia and New Zealand reported a lacklustre results in the fiscal year 2017, marked by a 30 percent drop in turnover in its mainstay international business, and an even sharper drop of 42 percent in EBITDA. The company’s full year results released on Wednesday refer […]
Gambling venues in New Zealand are getting better at helping problem gamblers, but need to do more, says New Zealand Internal Affairs’ Director of Gambling Compliance, Gareth Bostock. Late last year, The Department conducted a mystery shopper exercise to assess how well venue staff were fulfilling their Gambling Act obligations for preventing and minimizing gambling […]
SkyCity Entertainment Group chairman Chris Moller has announced his retirement from the board, effective on December 31, 2017. Mr. Moller was first appointed a director of SkyCity in December 2008, and was voted in as chairman in 2016. “I am immensely proud to have led SKYCITY through this critical stage of its evolution. By the […]
New Zealand’s SkyCity Entertainment won an unfair dismissal case against a casino worker fired for authorizing a payment of more than $300,000 to a player, local media reports. The employee, Keith Hayashi, made the mistake that a player had been playing a wrong table limit and was owed $310,000. He promised to pay her despite […]
SkyCity Entertainment Group posted a 4 percent decline in revenue for the three months ended March 31. The group said it was dealing with flat gaming revenue at its flagship casino in Auckland, and tough operating conditions at its Australian operations in Darwin and Adelaide. Group revenue fell to $258.1 million from $268.9 million a […]
NZ-listed SkyCity Entertainment Group has announced the appointment of Stewart Neish as its president of international business. Mr Neish is currently group general manager, casino and VIP gaming at Sun International in South Africa. He has extensive gaming and hospitality experience across Australia, Asia, South Africa and South America in developing and leading VIP programmes, […]
SkyCity Entertainment Group recorded a near 40 percent drop in its international business segment but still managed an 18 percent increase in profit for the half-year ended Dec. 31, 2016. The NZ-listed casino company said on Thursday that net profit for the six months was NZ$83.8 million (US$60.8 million). Revenue came in at NZ$484.2 million, […]
The Star Entertainment Group is understood to be working out the options for a potential merger with New Zealand’s Skycity Entertainment Group, according to sources quoted by The Australian. “It is understood that The Star Entertainment Group’s chief executive, Matt Bekier, has expressed his willingness to embark on a merger with the rival casino operator […]
SkyCity Entertainment Group has announced the appointment of John Mortensen as its group chief operating officer, to take the role in May 2017. Mr. Mortensen has been the interim chief executive of SkyCity since April 2016 following the departure of Nigel Morrison in May 2016. Announcing Mr Mortensen’s appointment, SKYCITY Chairman Chris Moller said he […]
Australian and New Zealand casino operator SkyCity Entertainment Group has announced the appointment of Graeme Stephens as its new chief executive officer. The appointment comes following the resignation of Nigel Morrison in April this year. Mr Stephens, 53, is the current CEO of Sun International, a casino, resorts and entertainment company listed on the Johannesburg […]
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, local media reports. Shares in SkyCity fell nearly 14 percent amid fears of a crackdown on VIP gaming by Chinese authorities, according to Reuters. SkyCity, which operates six […]
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 […]
New Zealand-listed SkyCity Entertainment intends to raise NZ$263 million of new equity from its shareholders to “fund future growth projects”. In a filing to the New Zealand Stock Exchange, the casino operator said the net proceeds from the offer will be used to repay bank debt and reduce gearing, in order to support the funding […]
Casino operator SkyCity Entertainment Group says it is not opposed to a takeover approach from Australia’s Star Entertainment, but will not instigate talks, local media reports. Chris Moller, chairman of the New Zealand-listed operator denied any approach or talks with The Star during an investor call on Monday, but the board was not opposed to […]
SkyCity Entertainment Group has denied recent media reports it’s considering the sale of its Darwin casino, New Zealand’s Scoop reports. According to the Australian Financial Review’s Street Talk column, the casino operator is understood to have approached investors in March to “gauge market interest” in its assets, which include one of its Auckland hotels, several […]
SkyCity Entertainment Group has announced the resignation of its CEO and managing director Nigel Morrison, effective April 29, 2016. SkyCity’s chairman, Chris Moller says the board and Morrison have been formally discussing succession planning since September last year, and both agreed it is the right time to transition to a new chief executive, according to […]
New Zealand’s SkyCity Entertainment is considering selling a number of assets, including its under-performing Darwin casino. According to local sources, the casino operator is understood to have approached investors in March to “gauge market interest” in its assets, which includes one of its Auckland hotels, several carpark facilities, and its Darwin Casino. However, finding a […]
A former member of staff of SkyCity Casino in New Zealand has been charged with defrauding the casino of more than NZ$2.5 million ($1.7 million), local media reports. Tessa Fiona Grant allegedly used cheques and invoices from SkyCity to siphon money to herself, and appeared at Hamilton District Court facing 49 fraud-related charges. Grant’s lawyer, […]
New Zealand-listed SKYCITY Entertainment Group has reported normalized revenue and earnings for the group up 10.2 percent to NZ$562 million (US$382.5 million) for the six months ended Dec. 31, 2015, according to an interim report. The New Zealand based casino operator said normalized EBITDA was up 15.4 percent to NZ$178.2 million and normalized NPAT was […]
Skycity Entertainment Group Limited expects strong financial performance in the first half of FY16, according to interim results guidance filed with the New Zealand Stock Exchange. As a result, Skycity currently expects that its interim results for the six months to Dec. 31, 2015 will see a 21-23 percent increase in EBITA, and a 26-30 […]
SkyCity CEO Nigel Morrison and Fletcher Building CEO Mark Adamson witnessed the demolition works on 16 buildings that currently occupy the future site of the New Zealand International Convention Center (NZICC) and the Hobson Hotel, a 5-star, 300 room hotel, kicking off a 38-month building project. The $700 million project is one of the largest […]
New Zealand’s SkyCity Entertainment Group said it has formally signed a building works contract with The Fletcher Construction Co, triggering the activation of government concessions granted to the company over its gaming license and tables. The formal signing means the concessions are now operative and will be activated, SkyCity said in a stock exchange filing. […]
SkyCity Entertainment Group said it will team with New Zealand contractor Fletcher Construction to build its new convention center and 5-star hotel in Auckland and expects to begin building by Christmas. The project includes a retail laneway linking Nelson and Hobson streets and 1,327 parking spaces. The contract award is worth about $477 million ($323.5 […]
New Zealand’s Green Party is calling on the government to withdraw a concession granting SkyCity Entertainment extra pokie machines for its new Auckland resort due to claims it’s not doing enough to ensure responsible gambling. SkyCity is scheduled to gain 230 additional machines and 52 gaming tables as part of a deal with the government, […]
The impact of China restricting capital outflows is a growing risk that could pose a threat to Australian casino revenues and halve VIP takings by 2017, according to CLSA. Though it is not yet clear if China has the will or the means to restrict capital outflows, if it does Australian casino revenues will not […]
SkyCity Entertainment Group announced that Auckland Council has given the New Zealand International Convention Centre resource consent approval. The decision follows an independent board of commissioners’ determination in July that the NZICC resource consent application should proceed on a non-notified basis. The approval enables the company to now seek the amendments necessary to incorporate the […]
SkyCity Entertainment Group announced that the bookbuild for its offer of seven year bonds has been successfully concluded. The company said $125 million has been reserved for clients of participants in the bookbuild process who have received firm allocations. This includes over-subscriptions of $25 million. The interest rate for the Bonds, which are unsubordinated, unsecured, […]
Standard & Poor’s Ratings Services has assigned its ‘BBB-‘ rating to SkyCity Entertainment’s NZ$100 million ($64.8 million) seven-year bonds. The unsecured, fixed-rate bonds, which will mature on September 28, 2022, will be used to pay down drawings on the company’s bank facilities. “The ‘BBB-‘ issuer credit rating on SkyCity reflects the group’s solid market positions […]
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. The offer will be open to institutional investors and members of the public who are resident in New Zealand. The interest rate for the bonds, which will be unsubordinated, unsecured, redeemable, […]
SkyCity Entertainment reported normalised revenue of NZ$1 billion ($657 million) for the full year ending June 30, 2015, up 8.7 percent on the previous corresponding period. Normalised EBITDA rose 6 percent to $304.9 million and normalized NPAT was up 8.8 percent to $134.1 million. “Auckland continues to be the standout performer across the group, delivering record […]
SkyCity Entertainment is enhancing its Auckland property with a major upgrade costing NZ$24 million ($15.8 million) of its main atrium. The improvements are expected to include new wall claddings, chandeliers and light features, new entrance doors and flooring, and new bathrooms on the ground floor of the main site, the company said in a media […]
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. The company said the Northern Territory Government has said that for the ten-year period from […]
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 […]
Economic Development Minister Steven Joyce and SkyCity CEO Nigel Morrison announced that the company and the state have agreed the preliminary design, and executed an amended agreement, for the development of the New Zealand International Convention Centre. The design is for a slightly smaller centre than initially planned, the company said, due to costs overrunning. […]
SkyCity’s CEO announced that it it making good progress with the government towards finalizing the preliminary design of the New Zealand International Convention Centre. Nigel Morrison said the company and the Crown are in the process of agreeing to a final design of the development, following an 11-week review of the original design. The […]
Australia’s Northern Territory Government will impose a new Community Benefit Levy of 10 percent on SkyCity’s gross profits from electronic gaming machines at its Darwin and Lasseters Alice Springs casinos. The CBL, which will be effective from 1 July 2015, falls under a review by the Northern Territory Government of the gaming tax rates that […]
New Zealand’s prime minister says Auckland’s SkyCity convention center will be an “eyesore” unless the government pumps more cash into the project. Local media reported that Prime Minister John Key said the government is looking to help the casino operator, which has struggled to meet the cost of the project, realize its grand plans. Key […]
SkyCity Entertainment Group, which operates six casinos in Australia and New Zealand, has reported a small decline in net profit after tax in its results for the six months to the end of December 2014. The earnings are in line with analysts’ predictions of a strong New Zealand result and of difficult conditions in Australia, […]
SkyCity Entertainment Group’s half year results to be released on Wednesday will show a better performance in the New Zealand market, but that its Australian operations will drag the company down, analysts say. Wednesday’s result will be a mix of good and bad news with evidence that Auckland is returning to sustainable growth, Adrian Allbon […]
The rating on SkyCity Entertainment Group’s shares has been downgraded from hold to sell by analysts from Deutsche Bank and Craigs Investment Partners, reflecting doubt over whether the shares can offer a return. The analysts cite the $1 billion required for the company’s Adelaide business and planned NZ International Convention Centre in Auckland as a […]
SkyCity Entertainment is reportedly still waiting for a decision from the Auckland council as to whether a planned national convention center, which it is building as part of an accord to expand its casino there, will face a public planning hearing. The company lodged its consent application just before Christmas, in the hope that would […]
SkyCity Entertainment, New Zealand’s only listed gaming company, has cut forecasts for the year and says the near-term outlook is gloomy, as it grapples with the aftermath of a fire in a key project and now the impact of the Coronavirus. The operator, which has properties in both New Zealand and Australia, hit the headlines […]
SkyCity’s convention centre is likely to be delayed by at least another year after a fire, leaving commentators scrambling to assess the financial impact.
SkyCity Entertainment is grappling with capacity issues, as licensing regulations in New Zealand make expansion of its properties difficult.
New laws widening the scope of current legislation on money laundering and the financing of terrorist activity are currently before the New Zealand Parliament and similar moves are expected in Australia. The expanded legislation will bring in sports betting and wagering for the first time and will include significant extra costs for industry.
Beijing’s policies are once again creating waves across the Asian gambling scene and may force a rethink of how regional operators reach mainland Chinese customers.
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.
SkyCity Entertainment Group is optimistic about its prospects, but analyst reactions to its latest results have been lacklustre, while a major project designed to boost growth at home is facing difficulties. The company, which operates four casinos in New Zealand and two in Australia, is facing stagnant growth in its home market, while competition is set to mount in Australia. Overall in the 2013/2014 financial year New Zealanders spent $1.54 billion on the four main forms of gambling, an increase of less than one percent, while casino spending fell 2.1 percent. The company reported a flat profit of $66.6 million ($49 million) in its six monthly results on Wednesday, but also pointed to its increasing investment in Australia and its growing international business. SkyCity offered no full-year profit guidance, and its major capital investment project – an international convention centre in Auckland – is now in considerable doubt.