SkyCity sees potential in the Philippines, says no disclosure needed
Feb. 1 (BusinessDesk) - SkyCity Entertainment Group, which recently quit its stake in the Christchurch casino, says the market in the Philippines is "attractive" but nothing needs to be told to shareholders yet.
The company made a statement to the stock exchange comes after chief executive Nigel Morrison told the New Zealand Herald newspaper the company has sent top executives to Manila and might make a move this year. Morrison told the paper SkyCity has enough strength in its balance sheet to make the investment, which was reported at some $200 million.
"We are always looking at ways to grow the business beyond our existing markets and proactively review new opportunities to create shareholder value," Morrison said in a statement. "Whilst we have visited the Philippines and consider the market to be attractive, there is nothing that requires disclosure to our shareholders."
The casino operator has already signalled plans for a A$300 million upgrade of its Adelaide operation and is waiting on the outcome of an Auditor-General's inquiry into building a $350 million convention centre in Auckland before going ahead with that investment.
Shares in the Auckland-based company were unchanged at $3.97 yesterday, and have gained 5.8 percent this year.