#News: Sale of Adelaide Casino on Hold

[Howie]

Just FYI, from the newzealand herald.
http://www.nzherald.co.nz/section/3/sto ... d=10472237

Sale of Adelaide casino 'on hold' - Sky City
10:20AM Friday October 26, 2007

Casino group Sky City, which is the subject of at least two possible bids, told shareholders today at the annual meeting it had put the sale of its Adelaide casino on hold.

It confirmed its earlier profit guidance for the 2008 financial year, saying it expected increase of 10-12 per cent in reported net profit.

The company said the sale process for the Adelaide casino had been put on hold, pending the outcome of takeover approaches in progress.

The company said it was confident it had a strong development and recovery plan for Adelaide that underpinned the company's internal view of that business.

- NZPA

[duke]

Soo.. what does this mean for all the upgrades they were planning??

[Ben]

From The Advertiser:

MEREDITH BOOTH
February 25, 2008 10:15am
ADELAIDE'S SkyCity Casino will soon be upgraded as New Zealand owner Sky City Entertainment Group has decided to retain it as a "core gaming asset".

The casino's sale plans were shelved as the company reported a 97 per cent fall in first-half earnings to $1.1 million as revenues grew by a meagre 1 per cent to $420 million.

The six months were marred by a $52.5 million write down of its poor performing cinema group.

SkyCity Adelaide's revenues for the half were 2.2 per cent lower to $62.5 million but its earnings would turnaround in the next two years, the company said.

Executive director Elmar Toime said the company planned to upgrade the North Terrace complex next financial year.

[Omicron]

I was in the Casino this weekend, and aside from the recently-developed North Terrace section and Marble Hall, most of it looks like an over-inflated RSL. The central courtyard is embarrassingly cheap.

I should hope that a sale brings with it newfound interest in the upgrades.

[monotonehell]

I was in the Casino this weekend, and aside from the recently-developed North Terrace section and Marble Hall, most of it looks like an over-inflated RSL. The central courtyard is embarrassingly cheap.

I should hope that a sale brings with it newfound interest in the upgrades.

Sorry to say it, but SkyCity are just catering to their market.

The old Casino which was about style and substance went the way of the dodo, was replaced by the tide of pokies and tackyness.

[Diamond]

I was in the Casino this weekend, and aside from the recently-developed North Terrace section and Marble Hall, most of it looks like an over-inflated RSL. The central courtyard is embarrassingly cheap.

I should hope that a sale brings with it newfound interest in the upgrades.

Sorry to say it, but SkyCity are just catering to their market.

The old Casino which was about style and substance went the way of the dodo, was replaced by the tide of pokies and tackyness.

I wasn't old enough to enjoy the old Adelaide Casino in its day. How was it different to today's SkyCity?

[Omicron]

I was in the Casino this weekend, and aside from the recently-developed North Terrace section and Marble Hall, most of it looks like an over-inflated RSL. The central courtyard is embarrassingly cheap.

I should hope that a sale brings with it newfound interest in the upgrades.

Sorry to say it, but SkyCity are just catering to their market.

The old Casino which was about style and substance went the way of the dodo, was replaced by the tide of pokies and tackyness.

I wasn't old enough to enjoy the old Adelaide Casino in its day. How was it different to today's SkyCity?

Suits, ties and polished shoes; the odd tuxedo; evening dresses, jewellery and high-heels - the dress code was far more strictly enforced, and far more definitive to begin with. Not a single poker machine to be seen, and certainly none of that Texas Hold 'Em nonsense - lots of roulette, blackjack and baccarat. It was Adelaide premiere venue, so people dressed accordingly. Apparently, too, the floorspace wasn't quite as big as it is now.

[Pistol]

I just saw last night at work that SkyCity had decided not to sell the Adelaide operation. Well you would hope that this means SkyCity will actually invest in the operation and allow it flourish again. ATM they are more interested in the bottom dollar thus the continuing decline of patronage/revenue.

I am pretty sure the first project will be the proposed carpark - they desperately require this to continue to grow.