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Thread: SKC - Sky City

  1. #1021
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    asx200-september.jpg

    SKC was the top performer by a long shot on the ASX200 for September 2020, up over 22%, whilst the ASX200 overall fell 4%

  2. #1022
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    Quote Originally Posted by Norwest View Post
    asx200-september.jpg

    SKC was the top performer by a long shot on the ASX200 for September 2020, up over 22%, whilst the ASX200 overall fell 4%
    Keep putting on more gains $3.02 currently....

  3. #1023
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    My notes from the Virtual AGM.
    Other companies should really pay attention to this as some of the virtual AGM's have been a real disappointment in their live technology use. SKC's Videos, Transitions, Audio and Visual quality was outstanding.

    Challenging Year thus Far. (obviously)

    They were very clear no further capital raising.

    Thanks to government for wage subsidy. Hundreds of people still have jobs because of Wage Subsidy, otherwise they wouldn't be employed today.

    Really odd comment from Graeme, "our balance sheet allows us sufficient liquidity to sustain one or two further lockdowns" but they currently have half a Billion of available liquidity?

    International business won't be back for a year at least. Not expected to have international tourists back until 2022 at least.


    Group is now fully carbon neutral in (NZ was in FY19, Adelaide in FY20)
    New "6th" Pillar to "Create Value for its Shareholders" while being conscious of the area's they operate. (bit of a no brainer you would think!)

    #1 objective is to "Stay Open" - lockdowns obviously hurting them a lot, pretty self explanatory.
    Graeme Spoke multiple times about "Able to Stay Open"... I suspect they are very nervous if they keep getting locked down again and again. (obviously)

    No new capital allocations to be made in FY21.
    No change to financial guidance around FY21.

    Expected to pay Final Dividend in FY21 (no interim dividend end of Calendar 2020) - Graeme later went on to say "Hopefully..."

    Auckland:
    The second lockdown in Auckland cost SKC $20million
    Level 8/9 redeveloped, new bar, new food court due to open in Auckland customers will be "suprised and delighted about these developments"
    Rebuild of NZICC starting "imminently" - ICC to open 2023
    Horizon Hotel open 2021
    Hobson St Air-bridge will be installed this month (I think I heard that correctly).
    Gaming Business has been very positive
    Non-Gaming Business is "very light" during the week but "very strong" during the weekends (read: Food/Accomodation).
    Excited about new VIP gaming room "black" which is twice the size of the previous VIP gaming room which will be relevant for the years to come.

    Hamilton:

    Applications for swapping 3x Blackjack tables for 60x EGM's was turned down.
    New Lounge opened which is very positive.

    Queenstown:
    Really strong recovery since reopening with domestic tourism very strong.

    Note: Any Further Developments are currently paused at ZQN/HLZ.

    Adelaide:
    weeks away from opening (November 2020) - Graeme looked very happy and spoke very positively about the precinct opening up.
    "The best integrated resort in Australia". "EOS will be Most Luxurious Hotel in SA". "World-Class". Initially targetting local and inter-state customers. Project will be delivered inline with $330m budget.
    I noted some of the pictures of Adelaide are absolutely amazing, they look better than any other hotel that I have stayed in (and I've stayed at a lot over the years).

    Online:
    Online business well above expectations, it is now a meaningful business for us.
    35,000 customers, of which 25,000 are active. Profitable on month by month basis.
    Believe in the "relatively near" future, there will be regulations allowing an "online casino" allowed to be hosted in NZ. Have been in discussions with the regulators around this. (remembering this is operated via a Malta based subsidary, even though they are paying Tax in NZ and following all "expected" regulations.)
    Last edited by Norwest; 16-10-2020 at 01:30 PM. Reason: formatting

  4. #1024
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    Thanks for sharing Norwest!.

  5. #1025
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    Thanks Norwest.
    I completely forgot about the presentation. Your summary is wonderful.

    I am bullish about sky city. I think they are well-positioned for the recovery, the online website is a good addition to cash flows with more to come and it seems that SKC can withstand any future adverse events.

  6. #1026
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    Here is a summary of the meeting from the Herald

    https://www.nzherald.co.nz/business/...M4TPSCFA762Q4/

  7. #1027
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    Crown Resorts: Australian casino operator faces laundering probe https://www.bbc.co.uk/news/world-australia-54595050

  8. #1028
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    would be an interesting opportunity for SKC if Crown lost a licence or two!! more likely a fine though (if proven). Still.... might make it harder at renewal time eh...

  9. #1029
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    https://www.nbr.co.nz/story/skycity-...st-re-election

    I think this shows a distinct lack of self-awareness from Rob Campbell... for someone so woke, seems more asleep.

  10. #1030
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    Quote Originally Posted by Sir Ten View Post
    https://www.nbr.co.nz/story/skycity-...st-re-election

    I think this shows a distinct lack of self-awareness from Rob Campbell... for someone so woke, seems more asleep.
    Your link is behind a pay wall, can you summarize what it says please?

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