SKYCITY Entertainment Group Ltd Weak first quarter FY17 update
Weak first quarter FY17 update: SKYCITY Entertainment Group Ltd (ASX: SKC) disappointed the investors with their first quarter of 2017 update wherein revenues were reported to be falling by 5.7% compared to the same period of last year. Declining trend in Auckland gaming activity and IB turnover, coupled with ongoing weakness in Darwin led to the weak performance. In New Zealand, Auckland revenue fell 1.0% impacted by declining gaming visitation as well activity from premium players. Australia Revenue (excluding IB) fell over 8.2% during the quarter with Adelaide revenue being flat. Darwin revenue lost 7.2% impacted by difficult local economic conditions. SKC had monitored events concerning Crown employees being detained in China, and stated that it does not have any office in China and its contractors have not been questioned or detained. However, the group expects an adverse impact from the situation over short-to-medium term. The group lately revealed about many changes with regards to its management and also announced for changes in Senior Manager’s relevant interests. Graeme Stephens has been appointed as Group CEO and Luke Walker as GM Adelaide Casino. For FY14-16, the group followed a policy of distributing at least 80% of normalized NPAT in dividends to shareholders per annum.
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