SKC - Sky City

[dibble]

Meanwhile the PNG "regulator" has just approved their first casino. You have to feel a bit sorry for a people who've not had a very good time the last few decades to now deal with a casino under weak government.

[winner69]

I wonder how much of a dent income will take given all that dodgy high roller money will disappear

FY20

IB turnover down 59% to $5.8 billion (covid)

Win rate 1.47%

[Rawz]

FY20

IB turnover down 59% to $5.8 billion (covid)

Win rate 1.47%

Thanks W69. Thinking more about it the crims will find a way..

Might just change from 1 kingpin gambling $1m to 10 foot soldiers gambling $100k..

[bull....]

Hamilton City Council wants SkyCity Hamilton to do what other gambling venues around the country are doing, and contribute 40 per cent of the proceeds from its pokie machines to the community.

https://www.stuff.co.nz/waikato-time...your-community

[Balance]

Not as big a deal as some would like the probe to be :

https://www.nzherald.co.nz/business/...XZPNS3V65KMBQ/

Adelaide is the sole focus of the probe into SkyCity Entertainment Group, and VIP earnings understood to be at the centre of investigations only account for 1 per cent of group earnings, an investment analyst said today.

Andrew Kelleher, a director of JMI Wealth in Auckland, told today's Mike Hosking Breakfast on Newstalk ZB that allegations were also historic, dating back to the last decade.

[sb9]

Not as big a deal as some would like the probe to be :

https://www.nzherald.co.nz/business/...XZPNS3V65KMBQ/

Adelaide is the sole focus of the probe into SkyCity Entertainment Group, and VIP earnings understood to be at the centre of investigations only account for 1 per cent of group earnings, an investment analyst said today.

Andrew Kelleher, a director of JMI Wealth in Auckland, told today's Mike Hosking Breakfast on Newstalk ZB that allegations were also historic, dating back to the last decade.

May get a slap on the wrist with some token penalty. Nothing much more than that imo.

[Balance]

May get a slap on the wrist with some token penalty. Nothing much more than that imo.

Be more than a slap on the wrist I suspect as the Australians play rough with NZ companies.

Could be a big fine but not cancellation of casino license or anything like that as some have speculated.

$160m getting wiped from market cap yesterday was an over-reaction imo.

[winner69]

Needed something to get things back on track

Guidance update ...and we will pay a divie

https://www.nzx.com/announcements/373722

[Balance]

Profit upgrade & Dividends to resume in September 2021.

https://www.nzx.com/announcements/373722

SkyCity Entertainment Group Limited (SkyCity) advises that, following stronger than expected recent trading, it is now in a position to provide detailed guidance for the financial period.

SkyCity has continued to see strong performance from its local gaming businesses in New Zealand, particularly from electronic gaming machines, and consistent performances from both SkyCity Adelaide post opening of the expansion from December 2020 and the offshore online casino (SkyCity Malta).

SkyCity’s tourism-related businesses in New Zealand and South Australia continue to be impacted by ongoing international border closures (excluding the Trans-Tasman border which re-opened on 19 April 2021), but are benefitting from positive domestic tourism, particularly on weekend and holiday peaks.

Subject to no property closures prior to 30 June 2021, SkyCity expects FY21 Group normalised EBITDA of between $247-253 million and FY21 Group normalised NPAT of between $84-88 million.

PS. W69 beat me to it by 1 minute so a repeat of his post.

[Entrep]

Damn, meant to top up yesterday