WELLINGTON Oct 19 New Zealand gaming company
SkyCity Entertainment Group said on Friday its group
revenues for the first three months of the year were down on a
year ago, but still expected to beat last year's profit.
The company said revenues between July 1 and Oct 17 were
down 2.1 percent on last year at NZ$283.2 million ($232
million), although when normalised it stood 1.5 percent up.
Sky City, which owns or has interest in four of the
country's six casinos and two in Australia, also said it
expected to beat last year's profit of NZ$138.5 million.
"Based on current mark conditions and trading patterns, we
would be disappointed if we did not deliver full year normalised
group net profit after tax...in the NZ$140 millions," the
company said in a presentation to the annual meeting.
Shares in SkyCity, a top-10 stock, last traded down 1
percent at NZ$3.94.
SkyCity has proposed building a convention centre in
Auckland for around NZ$350 million, but in return wants the
government to extend the life of its operating licence, increase
the permitted number of gambling machines, and change some of
the sector's rules.
It repeated that it would not proceed with the project if it
could not realise an acceptable level of return on capital.