SkyCity Entertainment Group first-half profit jumped 17 per cent to a record on improved earnings from its flagship Auckland casino and hotel complex, which benefitted from the Rugby World Cup and a turnaround in gaming revenue.
Profit rose to $78.8 million, or 13.7 cents a share, from $67.1 million, or
11.7 cents, a year earlier, the Auckland-based company said in a statement. Sales rose 10.3 percent to $494 million.
The company said the momentum of the first six months continued into January and February, giving it the confidence to forecast 'normalised' full-year profit at the top end of its guidance, in "the high $140 millions." SkyCity spent $50 million revamping its Auckland operations, including new VIP gaming facilities.
The biggest improvement in Auckland came from slot machines, where revenue jumped about 17 percent, while non-gaming revenue from hotel, restaurants, the Sky Tower, conventions and parking, rose about 23 percent.
The improved results were "mainly due to strong fundamentals in our Auckland gaming business," said chief executive Nigel Morrison. That momentum "has continued through the first half of the 2012 financial year and through in January and February."
