Sky City Entertainment First Quarter Earnings Rise 3.7%; Expansion Planned
Sky City Entertainment Group Ltd., New Zealand’s largest casino operator, said first-quarter earnings rose 3.7 percent after revenues from most of its businesses grew.
Normalized profit, excluding cinema operations and adjusted for non-recurring items, gained 5 percent in the three months ended Sept. 30 from a year earlier, the Auckland-based company said in a statement today. Revenue from its largest venue, Auckland, fell from the year-earlier quarter, it said, without providing figures.
The company will add three private gaming salons, a rooftop bar and restaurant to the Auckland center, the company said. The expansion will cost about NZ$27 million ($20 million) and will be completed in time for the Rugby World Cup in September, it said.
Analysts forecast full-year normalized profit after tax will reach NZ$127.4 million in 2011, the company said. “We would be disappointed if we did not achieve this,” Chief Executive Officer Nigel Morrison said in the statement.
To contact the editor responsible for this story: Iain Wilson firstname.lastname@example.org