Forsyth Barr downgrades SkyCity, expects A$50m fine

Forsyth Barr downgrades SkyCity, expects A$50m fine
SkyCity's social licence is expected to remain murky for next year. (Image: SkyCity)
Brent Melville
Forsyth Barr has lowered its rating of SkyCity Entertainment to neutral from outperform on pending regulatory intervention into its Adelaide casino operations, worth about 10% of its business.In their latest research note, analysts Andy Bowley and Mark Robertson said while the company seemed "good value" on one-year forward price earnings of 13 times current levels, they were concerned about the risk of regulatory intervention.That's on the back of recently announced Australian federal court proceedings brought by regulator Austra...

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$13.5m to be spent on tourism promotion
News in Brief

$13.5m to be spent on tourism promotion

The Government is pumping $13.5 million into Tourism New Zealand to encourage more international visitors to travel to Aotearoa.Prime Minister Christopher Luxon announced the change at the SkyCity Convention Centre in Auckland on Monday afternoon.The Government says the injection...

Staff reporters 14 Apr 2025
Record number of US visitors to NZ in February
News in Brief

Record number of US visitors to NZ in February

Overseas visitor arrivals were down in February compared to the same time last year.Statistics NZ recorded 354,400 arrivals in the month, a decrease of 8,400 from February 2024, which had one extra day with the leap year and a later start to the Chinese New Year.But there were su...

Staff reporters 14 Apr 2025
Govt says cost to host 38th America’s Cup was too high
News in Brief

Govt says cost to host 38th America’s Cup was too high

The Government decided not to back Tātaki Auckland Unlimited’s request to support hosting the 38th America’s Cup in Auckland due to cost.“After considering the proposal, ministers decided the estimated cost of $75 million, and possibly more – due to the uncertainty about local go...

Rebecca Howard 01 Apr 2025