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SkyCity CEO Morrison Cautiously Optimistic About the Organization's Future

On August 20th, 2008, the new head of the ailing Kiwi Company behind casino facilities in Adelaide and Darwin is wary about predicting how gaming revenues will hold up in coming months and has declined to give a specific profit guidance. Nigel Morrison, who took over the leadership of SkyCity Entertainment six months ago, would only state that he was satisfied with the ongoing trading.

Morrison said that if the country's economy further weakens, then things will be more challenging. He said that the company did not want to promise anything that they will not be able to give. SkyCity reported a profit of $NZ112 or $91.42 million, which improved by nineteen percent last year, excluding a $NZ60 million write-down for the company's cinema division after a sale bust through in June. Morrison emphasized that he had just started to manage the company and he knows that they need to do everything that they can in order to get back investor confidence.

SkyCity, which also owns and manages four more casinos in New Zealand, has been in trouble since a profit drop and the loss of its CEO triggered an agreement to sell the whole organization, which did not prosper. Mr. Morrison has an entirely new executive team with good plans to turn around the company's casino facilities. In the 2007-2008 fiscal year earnings at SkyCity's largest casino, the flagship SkyCity casino in Auckland, New Zealand were at $208.3 million.

An improvement at the SkyCity Auckland casino is a main priority, since the main gaming area of the facility was remodeled earlier this year. The gaming floor has new baccarat tables for VIP players, but a similar location reserve for top shelf poker machine gamblers is yet to receive some modifications. Next month, SkyCity plans to add to its gaming tables to attract more customers.


09/02/2008 05:54 PM


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