SKYCITY CEO sees bright future; analysts unexcited

SKYCITY Entertainment CEO Graeme Stephens is optimistic about the group’s prospects, helped by expansion in Auckland, a planned venture into online gaming and a rebound in international VIPs, although analysts remain cautious. New Zealand’s only listed operator this week posted record profit of NZ$170 million ($113 million) for the 2017/18 financial year. The company improved its operational performance at all its properties, with a 39 percent jump in international business to $11.9 billion ($7.9 billion). Stephens said he was “really pleased” with the result, which was a record for the company both in terms of operating earnings and net profit. He told AGB that the result was probably a bit better than either the market or the company had expected. “I’m particularly encouraged by both the strong rebound in our international business and a return to earnings growth in Adelaide and Darwin on a like-for-like basis.” Karl Williscroft, an analyst at Craigs’ Investment...

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