SkyCity Entertainment Group said revenue before one-time items has dropped 2.8 percent so far this financial year because the strong New Zealand dollar is hurting returns from its Australian business. Revenue before one-time items fell to $268.7 million in the period from July 1 to Oct. 13, from $276.5 million a year earlier.
Chief Executive Officer Nigel Morrison told shareholders at the company’s annual general meeting that the $398 million Adelaide casino rebuild and expansion and the proposed $402 million International Convention Centre in Auckland would transform the company and ensure a strong future. Meanwhile, Crown Law, which provides legal advice to the New Zealand government, has said that any future administration could scrap the convention centre plan without paying SkyCity any compensation. A bill giving final go-ahead to the project is currently before parliament.