Casino operator Sky City Entertainment has posted a hugely improved reported after-tax profit of $169.5million, as its three New Zealand operations delivered higher returns than its two Australian casinos. High-rolling international gamblers were credited for Sky City ending its trading year on a high. For its full year to June, revenue for Sky City rose 7.3% to $1.09billion and earnings before interests, tax, depreciation and amortisation rose 5.6% to $338million, while its reported after-tax profit rose by 277% to $169.5 million, although last year’s result was slashed by a hefty $105 million writedown of Darwin casino’s value at the time, the 2017 profit coming in at $40million. The writedown came from a surprise Northern Territory Government decision to remove the cap on gaming machine numbers, which subsequently rose by 75% in Darwin. Sky City will pay a final 10c dividend, taking the annual dividend to 20c. Forsyth Barr broker Suzanne Kinnaird said international business, or high rollers, was the ”stellar” result within the operation, being up 10% in the first half but rising by 68% in the second-half trading, or by $7.5billion in turnover. New Zealand’s only listed casino company said its international VIP business of high roller gamblers had… Read full this story
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