SkyCity tackles licensing hurdles

SkyCity Hamilton

SkyCity Entertainment is grappling with capacity issues, as licensing regulations in New Zealand make expansion of its properties difficult.  The company this week reported its annual results, posting an almost 15 percent drop in reported profit and a slight increase in normalised profit. Management also presented investors with an update on the status of its projects and future plans.  New Zealand’s only listed operator has three properties in its home country and one in Australia. The company made a significant comment in relation to its position in Queenstown where it has recently acquired 1.01 hectares of prime development land on the edge of town. SkyCity currently owns both casino licences in the town, but neither of the downtown sites is in premises the company regards as satisfactory and expansion on either site would be very difficult; hence the attraction of a whole new site. However, there is a significant legal difficulty. SkyCity cannot get...

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