SKC - Sky City

[Biscuit]

..... What part of the moat do you feel is now in question? The Auckland casino licence pushed out to 2048 with a further 15 year right or renewal, makes the moat more secure than it has been in a long time, from my perspective.

SNOOPY

Thanks for the detailed reply. Perhaps the experience with the Darwin Casino demonstrates that even casino licenses can be devalued to some extent by changes in Government policy.

I made the figure of 6.5% up. This is a return I personally would be happy with, considering the underlying nature of the Sky City business....
SNOOPY

Fair enough. It could be argued, though, that 6.5% is just one person's opinion of the appropriate return and a more "accurate" number would be obtained from the average historical return.