Sky City chief executive Nigel Morrison speaking at this morning's shareholders meeting. Webcast image/Sky City
Sky City chief executive Nigel Morrison speaking at this morning's shareholders meeting. Webcast image/Sky City
KEY POINTS:
Sky City says its revenues for the first quarter of the 2009 financial year were up 3 per cent on a year earlier, excluding international business and cinemas.
Chief executive Nigel Morrison told shareholders at the company's annual meeting in Auckland this morning that Sky City's Australian operationswere "still in a growth phase".
Revenues across the Tasman increased by 3 per cent overall in the three months to the end of September, he said.
With the New Zealand economy in recession, trading conditions were far more challenging in this country.
"Yet in this very difficult environment, our casino and hospitality businesses are only down 2 per cent for the quarter."
The company said that while the cinema business was down 1 per cent for the quarter, its Manukau complex opened on September 22 and after a full month of trading, cinema revenues October year-to-date were up 5 per cent.
Revenues from international business were 33 per cent down in the quarter on those of a year earlier.
When cinemas and international business were included, group revenues were up 1 per cent in the quarter.
Chairman Rod McGeoch told the meeting regulation should not diminish the entertainment experiences of the vast majority of customers.
"This is an area I feel very strongly about - we are an entertainment company with casinos at the very heart of our business," Mr McGeoch said.
"As an organisation we are committed to harm minimisation and we are doing all we can to address the legitimate issues faced by the small proportion of the community that are not able to gamble within their means."
Sky City shares were up 4c in the first hour of trade today to $3.24, down from the year high of $5.21 but up the year low of $2.82.
