Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


SkyCity shares fall after reports of Chinese crackdown

Monday 17 October 2016 03:48 PM

SkyCity shares fall after reports of Chinese crackdown on gamblers

By Edwin Mitson

Oct. 17 (BusinessDesk) - SkyCity Entertainment Group shares fell after a news report in the Australian Financial Review that 18 staff employed by its Australian rival, Crown Resorts, have been arrested by the Chinese government.

In a statement to the AFR, Beijing said the individuals were being investigated for “suspected involvement in gambling crimes.”

Shares in the Auckland-based casino and hotel fell 3.2 percent, or 15 cents, to $4.49, outpacing a 0.9 percent sldie in the NZX 50 Index.

At the publication of its full-year results in August, SkyCity said that it's international business boosted earnings before interest and taxation to $37.3 million due to what it termed new 'grand horizon' gaming salons in Auckland, which it said had been popular with Asian VIP customers. It also said these salons, a new salon in Adelaide, would ease capacity constraints during peak periods such as Chinese New Year and Golden Week.

AFR said three Australians were amongst those arrested in the raids. In China it is illegal to arrange for more than 10 people to gamble overseas.

Shares in SkyCity have risen by 5.9 percent since the start of the year.



© Scoop Media

Business Headlines | Sci-Tech Headlines


Frog Recruitment: Kiwi Workers Reluctant To Make Business Trips Across The Ditch Despite Trans-Tasman Bubble Opening

When the trans-Tasman travel bubble opens today, many Kiwi companies won't be rushing to buy an air ticket, reluctant to cross the ditch to do business. The latest survey conducted by leading recruitment agency, Frog Recruitment of nearly 1,000 New Zealand ... More>>

Tourism: Employers Welcome Back Working Holidaymakers

Tourism businesses gearing up for the return of Australian visitors from next week will be relieved to learn that they will also have access to an offshore pool of much-needed job candidates, Tourism Industry Aotearoa says. Tourism employers around ... More>>

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Stats NZ: New Report Shows Impact Of Demands On Land In New Zealand

A new environmental report released today by the Ministry for the Environment and Stats NZ, presents new data on New Zealand’s land cover, soil quality, and land fragmentation. The land cover data in the report, Our land 2021 , provides the most ... More>>


Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>