SkyCity cut to 'sell' by Craigs, citing lack of return and high risk

Mon, 02 Feb 2015

By Tina Morrison Feb. 3 (BusinessDesk) - SkyCity Entertainment Group was downgraded to 'sell' from 'hold' by Craigs Investment Partners, reflecting that the brokerage doesn't expect shares in New Zealand’s only listed casino company to offer a return in the next year. The Auckland-based casino operator's shares have dropped 5.6 percent the past week since Craigs recommended investors sell the stock, and last traded at $3.87. SkyCity's main Auckland business will probably return to growth this year following eight years of largely flat...

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