common practice across the sector? How to reduce the gambling tax.
https://www.northweststar.com.au/sto...n-pokie-taxes/
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common practice across the sector? How to reduce the gambling tax.
https://www.northweststar.com.au/sto...n-pokie-taxes/
I find it funny and don’t know whether to
Take that seriously.
SkyCity takes its anti-money laundering responsibilities and obligations very seriously. SkyCity has processes and practices in place in its business to detect and prevent money laundering and continually reviews these to ensure it meets all anti-money laundering requirements.
How many people truly believe that is what happens
i spent a little time working on the tables at sky city so i could study gambling techniques to incorporate into my trading strategies and i can say from dealing in the vip room that the money crossed in there is unbelievable 40k on a blackjack hand not uncommon.
when i was there also once was offered by a punter a large amount of money in the carpark after work if i cut the deck more favourable for him. of course the machines now make that not an option now.
An acquaintance/not a friend who is a high roller at Auckland. He has apparently chosen to ban himself for 6 months…….. He always boasted to friends about how much cash he was taking from jobs he did and taking that cash to Auckland to gamble. He is in something like the black club which means he spends a huge amount per year. The ban does sound like a skycity ban rather than by his choice, but will it be permanent?
Humans have been gambling ever since someone decided to stick their hand in a beehive.
Ancient Greek's or Roman's would gamble their wages.
Gambling will never go away. It is in our DNA. Without someone taking a risk who would go to outer space or to the depths of the ocean.
Unfortunately there is the bad side where people gamble their life down the drain.
Wouldnt want to be a SKC holder right now.
In industries like this one and sports betting, horse racing ect there is always going to be problems.
Do you try to ban all forms of betting?
I imagine the money will return to the horse tracks at a gallop.
well over 1 billion profit in drug trade within just one group in AUS at present and that money will turn up in SKY and other punting operations.
drug dealers look like they are now in the DOCK... oh dear
market update soon on trading...
we never did sell those positions in time....
watched a video about online gambling in Philippine, it's down right scary how crime ridden the industry is over there, but it's so profitable to the underworld that even China's call to shut it down was "politely" refused by the gov't there
SKC not the only one at risk of losing their license. Crown under investigation in Melbourne for some very dodgy practices. WOW - fascinating insight into the world of high roller betting.
https://thewest.com.au/business/crow...ay+9+June+2021
I wonder how much of a dent income will take given all that dodgy high roller money will disappear
Meanwhile the PNG "regulator" has just approved their first casino. You have to feel a bit sorry for a people who've not had a very good time the last few decades to now deal with a casino under weak government.
Hamilton City Council wants SkyCity Hamilton to do what other gambling venues around the country are doing, and contribute 40 per cent of the proceeds from its pokie machines to the community.
https://www.stuff.co.nz/waikato-time...your-community
Not as big a deal as some would like the probe to be :
https://www.nzherald.co.nz/business/...XZPNS3V65KMBQ/
Adelaide is the sole focus of the probe into SkyCity Entertainment Group, and VIP earnings understood to be at the centre of investigations only account for 1 per cent of group earnings, an investment analyst said today.
Andrew Kelleher, a director of JMI Wealth in Auckland, told today's Mike Hosking Breakfast on Newstalk ZB that allegations were also historic, dating back to the last decade.
Be more than a slap on the wrist I suspect as the Australians play rough with NZ companies.
Could be a big fine but not cancellation of casino license or anything like that as some have speculated.
$160m getting wiped from market cap yesterday was an over-reaction imo.
Needed something to get things back on track
Guidance update ...and we will pay a divie
https://www.nzx.com/announcements/373722
Profit upgrade & Dividends to resume in September 2021.
https://www.nzx.com/announcements/373722
SkyCity Entertainment Group Limited (SkyCity) advises that, following stronger than expected recent trading, it is now in a position to provide detailed guidance for the financial period.
SkyCity has continued to see strong performance from its local gaming businesses in New Zealand, particularly from electronic gaming machines, and consistent performances from both SkyCity Adelaide post opening of the expansion from December 2020 and the offshore online casino (SkyCity Malta).
SkyCity’s tourism-related businesses in New Zealand and South Australia continue to be impacted by ongoing international border closures (excluding the Trans-Tasman border which re-opened on 19 April 2021), but are benefitting from positive domestic tourism, particularly on weekend and holiday peaks.
Subject to no property closures prior to 30 June 2021, SkyCity expects FY21 Group normalised EBITDA of between $247-253 million and FY21 Group normalised NPAT of between $84-88 million.
PS. W69 beat me to it by 1 minute so a repeat of his post. :t_up:
Damn, meant to top up yesterday
it could shoot up again once tourist starts returning in drove from next year onward **fingers crossed**
Thought I had a very nice entry but now marginally underwater. Looking very weak with Oz closures and everyone realising that international travel is not returning to anything like normal for 2+ more years.
Still no sign of buyers. Would be interested in input from others.
I think the positive side of SKC is that they still have the legislated monopoly of having casino licenses in Auckland and Adelaide. Proximity to the soon to be completed 'Tasman Conference Centre' (it is probably too optimistic to call it the 'International Conference Centre', post Covid-19) will provide a solid customer base for their Auckland hotels going forwards. It is thought of as a tourism share, and for sure tourists provide the cream. But although we can say goodbye to the 'high rollers' from Asia, most of the SKC business is still domestic (that applies to the Adelaide casino as well). It wouldn't surprise me to see more domestic custom from NZers who cannot travel.
I would suggest the business has been permanently affected by Covid-19, but the market price has come down accordingly. Don't forget the cash issue will reduce earnings per share going forwards as well. Dividend restoration has been promised and that should underpin the share price from here.
SNOOPY
discl: long term holder, and happy to continue on today's forward outlook.
SKC is a 10 year hold from here. Think GFC style recovery which although brought forward deficit spending had bridged the gap for many sectors this sector is damaged as far as IBS.
However imagine the CCP locks down china society where are they going to party....
Imagine the pent up demand in 5 to 6 years for gambling and parties...
Now those with accounting back grounds are not disposed to gambling but double entry doesnt seem to be big in china.
https://www.nzx.com/announcements/377917
Results better than market expectations.
Resumption of dividend so back as a yield stock .
Broke my average down rule on this but seems to have paid off
Sold out after I learnt the girl I was formerly snuggling with was responsible for hiring decisions at Sky City.
I wonder if SKC can really afford to pay a dividend, especially with AKL in lock down for a month at least. Perhaps online gambling is doing extremely well? Still, I doubt that gambling alone can offset heavy loss from its hospitality wing.
Money in the bank today, great to have SKC back to paying out dividends again.
Surprised this hasnt taken a beating. Back at 3 soon?
SKC a good covid recovery stock. Along with EVO.
With Auckland turning into a leaky managed isolation city a few more big cluster outbreaks and a lower 3 handle is likely.
a lot of business in retail and hospo will be bobbing about water logged.
Auckland needed to do a Dubrovnik.
No, going the wrong way. Its going up....
Rob Campbell stepping down as Chairman and Director of SKC in "early 2022".
I think Rob is a fantastic Director and it will be sad to see him depart from SKC. Let's hope they get an equally good replacement.
I was wondering why SKC's sp fell sharply on opening today. I thought it had something to do with the annoucement of Chairman's retirement.....but
Star Entertainment: Shares fall on money laundering claim - BBC News
How about this one.....Surely someone at WINZ was paid off to sign this off for so long ?
https://www.nzherald.co.nz/nz/drug-b...3SSBK5KTPH6NM/
Some positive news for the casino sector - news that Crown Resorts would not lose its casino licence, despite damning Royal Commission findings, saw its shares rise 8.7 per cent to a three-month high of $10.50. Star Entertainment, which is also facing compliance scrutiny, gained 4.3 per cent to $3.61.
the EVIL city is creeping up... thank goodness... but without all those china boys and girls with the big money will it ever see > 4 every again?
borders opening up next year, fingers crossed, should at least boost SKC's hospitality business though
once those Chiina boys and girls are sick and tired of being locked in china they will be moving in with the cousin in AUS and here and bring a lot of Piz Card money with them.. Also money diverted Via Hong Kong and Singapore markets... took a long time for SKC to recover from GFC and this isnt much different.
we picked up some more at 2.96 recently in one of the portfolios... Not any different to betting on horses which is just as addictive..
Los Vegas Sands is also cheap at the moment.
The other market is Europe with a few US investment houses moving out of China investments into Europe instead as more property companies cant pay there bonds.
The Chinese wont ever back the bonds and just expect more stupid people to invest in the ever bankrupt China property market.
There she blows 3.10!!!
Jim O Neil saying on CNBC last night that the china market is heading into lower and lower interest rates to try and prop up the markets.
UP UP and AWAY!!! going over 3.13...
That strength was short lived
Expecting more weakness later this summer if what is happening in the UK hits here...hoping this stock gets into the high 2's at some point.
The country is voluntarily starting to stay away from hospitality as Xmas approaches..
Some commentators in the UK sounding the alarm for business..
And Boris is under notice...
https://www.bbc.com/news/uk-politics-59699135
In the 2's
SIN CITY looking a buy here and maybe with the big sick even better prices....
But if the country is triple boosted this might be it... slow accumulate more.
could be a bargain shortly AGAIN!!!
4 years time a cash machine...SIN CITY!!!
Aucklands got nothing on those 1920's roaring party cities...
https://www.youtube.com/watch?v=7heXZPl2hik
INTERIM RESULT FOR THE SIX MONTHS ENDED 31 DECEMBER 2021 - NZX, New Zealand’s Exchange
SkyCity Entertainment Group Limited 2022 Interim Result
Summary of six months to 31/12/21
Reported: Net Profit After Tax: -$33.7m (-$111.6m) -143.3%
Normalised: Net Profit After Tax: -$19.5m (-$62.7m) -145.3%
Name of Listed Issuer: SkyCity Entertainment Group Limited
CONSOLIDATED OPERATING STATEMENT
Current Interim Period NZ$: Up/Down %: Previous Corresponding Period NZ$
REPORTED REVENUE (excl GST) FROM CONTINUING OPERATIONS
$289.8m: down 35.6%: $449.9m
TOTAL REPORTED REVENUE (excl GST)
$289.8m: down 35.6%: $449.9m
REPORTED NET PROFIT FROM CONTINUING OPERATIONS
-$33.7m: down 143.3%: $77.9m
TOTAL REPORTED NET PROFIT
-$33.7m: down 143.3%: $77.9m
EARNINGS PER SHARE (REPORTED)
-4.5cps: down from 10.3cps
NORMALISED REVENUE (incl GST)
$260.8m: down 32.6%: $386.9m
NORMALISED NET PROFIT
-$19.5m: down 145.3%: $43.2m
EARNINGS PER SHARE (NORMALISED)
-2.6cps: down from 5.7cps
INTERIM DISTRIBUTION
There will be no interim FY22 dividend paid
as expected.
It was all forecast back here...
love it when companies lose money for a while...opportunities.. but it throws the stats off and that poses a math problem with event smoothing... sometimes you have to get the Quants in..
Lockdown hit: SkyCity Entertainment Group profits forecast to sink into loss - NZ Herald
some buying oppo's coming up...
Good that the dens of iniquity can now operate with hardly any restrictions
Shareholders should be happy
Talking of gambling might see a $4 share price soon
http://nzx-prod-s7fsd7f98s.s3-websit...586/368793.pdf
nothing like taking the weekly benefit money down to the casino and hoping you can win enough to overcome the cost of living crisis
SIN CITY is still operating without the international business gambler from China unless they flee MOA's china.
3 dollars is still good value .
suppose the Racing public will gamble it up though.
Vegas is packed apparently according to CNBC. Winners fav channel to not whatch.
No actual numbers given.
"The Group has remained EBITDA and cashflow positive over the period, even
during periods of peak disruption in February and early March 2022."
Winner() this is probably the most undervalued stock on the exchange.
Its a Bargain!!!
Hey Waltz if you go to the kitchen and get some baking paper, roll it out on your granite bench top, grab a red crayola and chart SKC out its actually in a 5 year downtrend???
Think we posted the web link to the first charts created by a scot. Very nice charts they were.
Pastels.
https://en.wikipedia.org/wiki/William_Playfair
you can read about them here.
a broker once said, "stocks go up and stock go down".
there will be an up out there again but not yet. Expect it to take longer than some expect for 4 dollars to be reached again.
GFC took 5 years to wash over and dont see why this time should be any different since inflation has acted as poring petrol on the fire.
if SIN CITY gets down to 2.60 it will be a much better Bargain than WHS.
AUS tourism stocks have bounced back in the last 2 months and that should flow on at a later date to SKC.
Chances of 2.60 are slim.
Even in the darkest days it has bounced back.
market has taken a hit... Sin City bouncing up and down and last week SP UP!
was 2.60's the Bargain!
I can't speak for all venues, but the one I am familiar with has been packed out every weekend since Easter. I think the wealth effect is still strong, at least for now.
Draw your own conclusions on whether people keep gambling throughout a recession though:
https://scholarworks.umass.edu/cgi/v...nf_hospitality
EARNINGS GUIDANCE FOR FY22 RESULT - NZX, New Zealand’s Exchange
SkyCity Entertainment Group Limited (SkyCity) advises that, following stronger than expected recent trading and increasing certainty around its full year result, it is now in a position to provide earnings guidance for the financial year ending 30 June 2022.
Following recent relaxation of COVID-19 operating restrictions, SkyCity has seen strong performance from its local gaming businesses, particularly in New Zealand. SkyCity’s non-gaming businesses continue to recover, benefiting from positive domestic tourism, particularly during weekend and holiday periods, and the reopening of international borders.
Subject to there being no material changes to SkyCity’s current operating settings before 30 June 2022, SkyCity expects Group normalised EBITDA(1) of between $135 - 140 million and Group normalised NPAT(1) of between $3.5 - 7 million.
Due to the uncertainty around the potential accounting adjustments required as part of the FY22 result process, SkyCity is unable to provide guidance for reported (statutory) results at this time.
SkyCity intends to release its FY22 result on 25 August 2022.
Not a sky property but was at Chch casino last Saturday night and the place was absolutely heaving,so many in that could not get near the tables.
Fifteen minute wait for cocktails due to the big demand. Not seen it so busy in years
SP must have had it priced in? still a pretty good result. onwards from here.
SP is in a fairly sick downtrend.
Not outrageously cheap either
Recovered well from the GFC. Took a few years though and expect the same here. If you look at the chart from 2000 you can see it been a great stock to trade. Range 2.50 to 4 dollars.
and SKC holds steady as the market stumbles at the water jump... probably run out of legs in the back straight as the lactic comes on from the Aussie starting later in the day.
well GNE might have had a not very exciting day and the WHS did nothing much but for some unexplained reason this stock has recovered far to fast for its own good. Only that in 2 or 3 years it will be back to 4 dollars....
what happened to sub 2.60 and a bargain... the SHAZ decided along with AIR that it was already a big BUY... but hopefully some really terrible economic news will come along this winter like minus GDP.
Complete with rolling blacks out in july and august and panic finally sets in when the entire hospital system collapses and staff leaves for AUS and the last nurse turns the lights out....
well Balance it never got close although you might say 2.64 is close enough and the market today just took off...
wonder if some of the big insto bought back in for the long run. They should have bought tons..
but only small VOL at over 200,000 but AIR was over 4 MIL.
Basically the selling stopped and that was the bounce.
Market expecting a bounce back in earnings in the next 12 months.
and like AIR the SHAZ are looking through the next 2 years and buying now for the long run.
Use of word systemic is a worry
Hope not a case of where’s there smoke there’s fire
http://nzx-prod-s7fsd7f98s.s3-websit...755/373996.pdf
Could be a real bargain coming up here and really these stocks have always been a gambling trade ...
huge range now between about 2.20 to 4 dollars over a decade long cycle.
reminds one of the westpac problem ...
well crown has recovered.
will be a bargain..
as expected a loss. maybe one day there be back in profit to past levels.
Actually looking quite positive I thought, recent trading months excluding IB have been strong. I'm happy to hold this one, it will recover. You couldn't really get a worse headwind for a business like this; massive fire, the covid borders shut and lockdowns.
Page 26 of Presentation (Outlook) - all divisions operating very well since 1 July 2022. Revenues back to pre-covid levels.
http://nzx-prod-s7fsd7f98s.s3-websit...587/377488.pdf
Potential for corporate activity with Adelaide Casino potentially being sized up by a player like Blackrock?
yes 260 was a bargain... and was hoping for more of the same... NOPE they dont know what the R word means in Auckland and Hamilton...
Update
Things are very complicated and our accounting is even more complicated than we thought but it looks like we have OK in Q1
http://nzx-prod-s7fsd7f98s.s3-websit...309/382096.pdf
we are off to the races ... well out of the gates anyway on a muddy track... place your bets...
Yeah hopefully we build from here, it's been a long few years.... Their properties and licences are good assets, only reason I have held. Now we need to generate some income. When is the convention center ready?
" it's been a long few years'
could be another 12 months or more before it break back above 3.50.
bargain here right now....
Such a shame about the Adelaide uncertainty. Otherwise would have been adding to holdings. Brave to top up before Feb
“As a result, an investigation will be undertaken by the Honourable Brian Martin AO QC to ensure that the way that SkyCity operates demonstrates that the licensee is still suitable to hold the casino licence in South Australia.”
Mr Martin is due to report back to the Liquor and Gambling Commissioner by 1 February next year
Sin City not playing by the rules
http://nzx-prod-s7fsd7f98s.s3-websit...668/385153.pdf
Wouldn’t be lax in other places would they
SP will take a hit today
yep star was fined 100m for same thing
It was coming and it has arrived.
Good stuff!
Hope sp tanks today. :t_up: