SkyCity faces potential 10-day licence suspension
New Zealand-based casino group SkyCity (ASX:SKC) has informed both the NZX and ASX that it faces the possibility of losing its casino licences in the country for a period of 10 days.
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Skycity Entertainment Group Limited
SkyCity Entertainment Group Limited (“SkyCity” or “SkyCity Group”) is New Zealand’s largest tourism, leisure and entertainment company with an iconic status. It is listed on both the New Zealand (NZX) and Australian (ASX) stock exchanges under the ticker code ‘SKC’.
As one of three major publicly listed casino operators in Australasia, SkyCity operates integrated entertainment complexes in New Zealand (in Auckland, Hamilton and Queenstown) and in Adelaide, Australia. In addition to casino gaming facilities at each of its complexes, SkyCity also offers premium restaurants, bars and conference facilities which appeal to both domestic and international visitors alike. Additionally, SkyCity offers award-winning hotel accommodation in Auckland. SkyCity employs over 5,000 staff across its operations in New Zealand and Australia, with around 3,500 of them based at its flagship property in Auckland across 200+ job types. Upon completion of the New Zealand International Convention Centre and Horizon Hotel projects in Auckland and the A$330 million expansion project in Adelaide (both due for completion in 2020), SkyCity’s workforce will significantly increase in size.
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News
SkyCity Latest to Not Pass Muster with AUSTRAC
SkyCity's Adelaide casino is the latest to face court action over alleged non-compliance with anti-money laundering and counter-terrorism financing laws.
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Trouble Afoot for Three Casinos and a Big Bank
It was a very busy Monday for AUSTRAC, the country’s main financial intelligence group, which has launched separate investigations into four ASX-listed companies.
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Digital Helps Offset Lockdown Losses At SkyCity Entertainment
The COVID-19 pandemic, lockdowns, and bans on international travel have hit the annual results of yet another gambling company. Australia and NZ casino operator SkyCity Entertainment revealed on Thursday that coronavirus lockdowns had hit earnings hard in 2019-20, forcing the company to write down the value of its Adelaide casino.
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Confidence Dims For The Star
A weak trading update from The Star Entertainment has sent brokers scurrying to review earnings estimates and the outlook for the domestic gambling sector.
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Analyst Views
SKC – Macquarie rates the stock as Outperform
Macquarie retains its Outperform rating with the price target rising to NZ$4.05 from NZ$3.75.
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SKC – Credit Suisse rates the stock as Outperform
Operating earnings in FY20 were ahead of Credit Suisse estimates. The fourth quarter was supported by strong domestic gaming in Auckland and Hamilton.
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