Casino operator SKYCITY posted a $66 million half year profit today, down $6 million on the same period last year.
The Auckland-based company said the result reflected the impact of the stronger New Zealand dollar, lower turnover and disruption to its Adelaide Casino during an upgrade.
“Adelaide showed resilience in 1H14, performing relatively well despite challenging local economic conditions, train line closures and significant refurbishments to the main casino which all impacted performance,” the company’s statement said.
“The Adelaide Riverbank precinct is undergoing a major transformation, which was positively received by the many thousands of visitors during the December Ashes Test at the redeveloped Adelaide Oval.
“In line with previous guidance, the redevelopment of SKYCITY Adelaide is on time and on budget.”
SKYCITY said its first stage of refurbishment had been completed, with further enhancements throughout the balance of 2014.
“Two further stages of work are being undertaken through the course of 2014, including additional new Premium Gaming areas, upgrading areas and delivering new restaurant and bar concepts.
“The Premier of South Australia yesterday announced the development of a 1,400 space car park and civic plaza redevelopment on the Government-owned Adelaide Festival Plaza site, adjacent to SKYCITY Adelaide Casino premises.
“The Government will agree terms with SKYCITY to lease 1,000 spaces for SKYCITY’s exclusive use, to support the $350 million casino and hotel redevelopment.”
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