Casino News

Sky City sees profits rise by 18%

2007-08-20 12:51:12

Sky City Entertainment Group has seen an 18 per cent rise in annual profit, new figures have revealed.

The group generated a net profit of AUS $86.18 million ($69.1 million) in the last financial year, an increase of 18.1 per cent.

It forecast that net profit would rise by up to 12 per cent this year due to lower costs and efforts to focus on its key gaming operations.

Sky City has raised the possibility of selling its cinema chains and Adelaide casino, which are the least profitable aspects of the company.

"Based on these indicative values, the board considers it owes shareholders the opportunity to realise this value," stated Sky City, according to the Australian Associated Press.

"If the interested parties wish to proceed to binding offers, they will be invited to do so."

Last week, Sky City's Auckland casino was at the centre of allegations that employees are introducing hard-up gamblers to loan sharks.