Lunar New Year Boosts SkyCity's International Revenue
Gambling group SkyCity Entertainment Ltd. (SKC.NZ) said Friday that normalized revenue for the March quarter was flat compared with a year ago, but the Lunar New Year helped push its international business revenue up by 5.6%.
SkyCity said its normalized group revenue, which strips out unusual items, for the March quarter was 260 million New Zealand dollars ($179 million), the same amount on a like-for-like basis that it made for the same quarter in 2016.
The company also said revenue for its Australian businesses was down 3%, to NZ$63 million, and revenue from its businesses in New Zealand was up slightly, at NZ$159 million.
The company said its international business revenue was NZ$38 million.
In October, the global gambling industry was forced onto the defensive by the detention of 18 Crown Resorts employees, including Australian citizens, by Chinese authorities for alleged gambling crimes.
Chinese authorities subsequently began pursuing criminal charges against at least three of those employees, including a top executive who oversaw efforts to attract wealthy international high-rollers to Crown's casinos.
SkyCity doesn't have an office in China or any employees based there, but said in October last year that it does use independent contractors in the country to manage relationships with local clients.
Shares in the company last traded at NZ$4.35, down 3%.
Write to Ben Collins at firstname.lastname@example.org
(END) Dow Jones Newswires
April 27, 2017 19:07 ET (23:07 GMT)