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Sky City 1st-qtr revenue climbs 4.7%
Sky City 1st-qtr revenue climbs 4.7%, forecasts ‘double-digit’ FY earnings growth
Oct. 30 (BusinessWire) – Sky City Entertainment Group, New Zealand’s biggest casino company, said first-quarter revenue grew 4.7% on improved sales at its Auckland complex and in Australia, putting it on track for ‘double-digit’ earnings growth in 2010.
The shares climbed 2.7% to $3.49, bringing their gain in the past six months to 23%. Chief executive Nigel Morrison said revenue from Auckland casino edged up 1.1% and sales from its Australian operations in Darwin and Adelaide rose 7%.
Sky City will “monitor and manage closely” the impacts of a smoking ban to be imposed on Darwin from Jan. 2, which is forecast to hurt gaming revenue at the site by about 15% in the second half, Morrison said.
“Continued challenging economic conditions in New Zealand” meant Auckland Casino managed only marginal sales growth while revenue growth stalled from gaming machines.
Based on the first-quarter results, “the group’s previously stated objective of double digit earnings growth in FY10, while recognising that this would be challenging in the current economic environment, was still on target for the 2010 financial year,” Morrison said.
(BusinessWire)
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