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SKC - Sky City Entertainment Group Ltd

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Sky City to get back into film?

Postby Bongo666 » November 26th, 2009, 6:49 am

Curious to know that Nigel Morrison is still interested in the cinema biz, especially after selling Sky City Cinemas. Some screens, as telegraphed by SKC, to be placed at the Auckland(or any) Casino to get some foot traffic going would be good but it isnt clear that it wouldnt go futher than that.
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Federal Street Convention Centre

Postby Share Investor » June 15th, 2010, 6:08 pm

Powerpoint slides for Federal Street Convention centre extension & SKC submission to Auckland City Council

Contents

Concept Drawings
Detailed plans
Photos
Council opinion

SKC - Federal Street Plans.ppsx
SKC - Federal Street Submission to Council.pdf
SKC - Airspace Policy.pdf
SKC - Traffic Impact.pdf
SKC - Minutes of Council Meeting on SKC plan.pdf
SKC - Program for Development.pdf
SKC - Detailed Concept drawings and description.pdf
SKC- Concept photos -drawings.pdf



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Re: SKC - Sky City Entertainment Group

Postby kbot » September 21st, 2010, 12:56 pm

Is Sky City shares a bit undervalued at the moment ? I will be investing in a couple of weeks time. I know I have said this before, that I will sell for capital gains for some fun and so far never got around to it . . . and again this is again the intention. I'd be interested.

I prefer large "granny-share" type of companies with a bit of transparency so anything will be on my radar.

FRE is also on my list.
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SKC - Aspect Huntly Research

Postby Share Investor » November 1st, 2010, 11:10 am

SKC - Aspect Huntly Research, October 30 2010

SKC - October 2010 Research.pdf



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SKC - 2010 Sky City Annual Meeting Docs

Postby Share Investor » November 1st, 2010, 11:14 am

SKC - 2010 Sky City Annual Meeting Docs

SKC - NZX - 29.10.10 Annual Meeting.pdf
SKC - Annual Meeting Presentation 2010.pdf



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Re: SKC - Sky City Entertainment Group

Postby Mustang Lover » November 8th, 2010, 4:11 pm

I see that SKC are looking at buying up the rest of the Christchurch Casino

http://www.nzx.com/news/4320831/SkyCity ... ch-Casinos

What kind of profit are they making I wonder?
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Re: SKC - Sky City Entertainment Group

Postby Cockney Reject » November 8th, 2010, 4:50 pm

Mustang Lover wrote:I see that SKC are looking at buying up the rest of the Christchurch Casino

http://www.nzx.com/news/4320831/SkyCity ... ch-Casinos

What kind of profit are they making I wonder?


They haven't got a good history when buying businesses under the last guy. Will the current management be any better at judging value?

The jury will be out on this for some time.
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SKC - NEWS: SkyCity looks to buy rest of Christchurch Casino

Postby Share Investor » November 9th, 2010, 7:59 am

TIM HUNTER BusinessDay.co.nz | Monday, 8 Nov 2010

SkyCity has put $100-$110 million on the table to buy the half of Christchurch Casino it doesn't already own, BusinessDay understands.

The Auckland-based casino operator has made no secret of its desire to take out the stake held by Queenstown company Skyline Enterprises, but its overtures to date have been rebuffed.

Last month the two moved to a 50 per cent share each after buying back an 8.6 per cent stake held by Invercargill businessman Louis Crimp's Southern Equities.

That deal valued Christchurch Casinos, which also owns a third of Dunedin Casinos, at $220m according to the Overseas Investment Office, whose approval was required for SkyCity's side of the transaction.

Skyline chairman Ken Matthews said there had been no formal offer from SkyCity for his company's stake.

Asked whether there had been an informal offer he said: ''I'm not going to comment on that.''

Skyline, whose operations include the gondola businesses in Queenstown and Rotorua, was a long-term investor in the casino, he said.

''It's very difficult to find investments in this country of a tourism nature that are of scale. Why would we contemplate selling something that's of scale?''

If a formal offer was made, however, ''the board would have to consider that.''

SkyCity's general counsel Peter Treacy acknowledged the company's desire for 100 per cent ownership but could not comment further.

''Any discussions we may or may not have had with the other Christchurch Casino shareholder, Skyline Enterprises, remain confidential,'' he said.

Skyline's shares, which trade on the Unlisted market, have gained 24 per cent in the last year and last changed hands at $6.15, valuing the company at $208m.

Although volume was generally thin, a chunk of $2.1m was traded on September 23, four days before the OIO approved the Southern Equities deal.

Skyline's annual report indicates Christchurch Casino, in the city's Victoria St, made $14.5m in the year to March on revenue of $66.4m.

Casino director and Skyline major shareholder Barry Thomas, who retired as Skyline chairman in March, said talk of a SkyCity offer was just speculation after the purchase of the minority stake ''which the two main shareholders bought out and had been trying to buy for some time.''
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SKC - NEWS: SkyCity Incentive Plan 2011

Postby Share Investor » May 19th, 2011, 7:08 am

SkyCity Incentive Plan 2011

NZX Market Supervision Decision
SKYCITY Entertainment Group Limited
Application for Waiver from NZSX Listing Rule 7.3.1.

SKC - Waiver from NZSX Listing Rule 7.3.1

19 April 2011

NZX Market Supervision Decision
SKYCITY Entertainment Group Limited
Application for Waiver from NZSX Listing Rule 7.3.1.

Background

1. SKYCITY Entertainment Group Limited (“SKC”) is listed on the NZSX Market.

2. SKC operates a long-term incentive plan (“CEO LTI Plan”) for its Chief Executive Officer, Mr Nigel Morrison (the “CEO”). SKC also operates a separate long-term incentive plan (“Executive LTI Plan”) for SKC’s senior executives, which is on the same terms as the CEO LTI Plan. The terms of both plans were approved by shareholders at SKC’s 2009 Annual Meeting.

3. The main terms of the CEO LTI Plan are as follows:

(a) the CEO LTI Plan enables the CEO to purchase SKC shares at market value with the assistance of an interest free loan;

(b) the value of the CEO’s entitlement under the CEO LTI Plan is, in accordance with the CEO’s employment agreement, reviewed annually;

(c) the number of SKC shares to be acquired under the CEO LTI Plan each year is calculated by dividing the value nominated by SKC’s Board of Directors (“Board”) for that year by the weighted average price of SKC shares in the 10 trading day period following the date on which SKC’s preliminary announcement of its annual financial results is made to the market;

(d) shares purchased under the CEO LTI Plan are held by the trustee of the CEO LTI Plan for a minimum three year restrictive period; and

(e) full vesting of shares purchased under the CEO LTI Plan is subject to the CEO’s continued employment and the achievement of certain performance objectives.

4. SKC’s 2009 Notice of Meeting noted that the maximum number of shares that would be acquired by the CEO under the CEO LTI Plan within three years of the shareholder approval (i.e., by 30 October 2012) was 2,000,000 shares.

5. In relation to the approval sought at its 2009 Annual Meeting, SKC was granted a waiver by NZX from the requirement in NZSX Listing Rule (“Rule”) 6.2.2(b) to prepare and send to shareholders an appraisal report. Shareholder approval in respect of the financial aspects of the CEO LTI Plan was also sought and obtained at SKC’s 2009 Annual Meeting.

6. The CEO has received two allocations under the CEO LTI Plan:

(a) 366,300 shares having an aggregate value of $1.2 million were purchased on 19 March 2010 at $3.276 per share in respect of the financial year ended 30 June 2009; and


(b) 415,945 shares having an aggregate value of $1.2 million were purchased on 31 August 2010 at $2.885 per share in respect of the financial year ended 30 June 2010.

7. As noted above in paragraph 3(c), the number of SKC shares to be acquired under the CEO LTI Plan each year is calculated by dividing the value of the CEO’s LTI entitlement for that year by the weighted average price of SKC shares in the 10 trading day period following the date on which SKC’s preliminary announcement of its annual financial results is made to the market (i.e., on a day at the end of August/beginning of September each year).

8. SKC proposes to amend the terms of the CEO LTI Plan to enable the company to make allocations twice annually, being:

(a) at the end of the 10 trading day period after the date on which SKC’s preliminary announcement of its half-yearly financial results is made to the market; and

(b) at the end of the 10 trading day period after the date on which SKC’s preliminary announcement of its annual financial results is made to the market,

(the “Plan Amendment”).

9. Upon implementing the Plan Amendment, the Board is proposing to make allocations with effect from the recent half-year results and proposes that:

(a) shares having an aggregate value of up to $3.6 million be allocated to the CEO immediately based on the Company’s financials for the six month period to 31 December 2010, which were announced to the market on 16 February 2011; and

(b) no further allocations be made to the CEO under the CEO LTI Plan for the remainder of 2011 or in 2012 or 2013,

The allocation would in effect be an acceleration of the allocations that the Board had planned to allocate to the CEO in 2011, 2012 and 2013.

10. Rule 7.3.1 provides that no Issuer shall issue Equity Securities unless the precise terms and conditions of the specific proposal to issue those Equity Securities have been approved by shareholders, or the issue is made in accordance with Rules 7.3.4 to 7.3.11.

Application

11. SKC seeks a waiver from the requirement in Rule 7.3.1 to seek shareholder approval of the amendment of the terms of the CEO LTI Plan as described in paragraph 8 above.

12. In support of its application, SKC submits that:

(a) The flexibility to allocate at either (or both) dates will allow the CEO LTI Plan to be used more effectively as a retention tool;

(b) In particular, following discussions between the Board and the CEO, SKC is seeking to take active steps to incentivise the CEO to remain in his current position for a longer period. In the Board’s view, such steps are strongly in the interests of SKC and its shareholders;

(c) Although the Plan Amendment constitutes a change to the terms of the CEO LTI Plan previously approved by shareholders at SKC’s 2009 Annual Meeting, SKC does not consider this change to be a fundamental variance;

(d) Without the Plan Amendment, SKC could, in accordance with the existing plan terms, carry out the allocation in August/September 2011. However, SKC would prefer to be able to carry out the Plan Amendment and make the allocation now based on SKC’s financials for the six month period to 31 December 2010 rather than wait until after the tenth business day following the SKC’s preliminary full year announcement in August/September this year. The prospects and certainty of retaining the CEO will be significantly improved if SKC is able to make the allocation six months earlier than would otherwise currently be the case under the terms of the CEO LTI Plan;

(e) The Plan Amendment will not result in any change to the maximum number of shares able to be allocated or issued by SKC under the CEO LTI Plan of 2,000,000 shares by 30 October 2012. Accordingly, the Plan Amendment and proposed allocation will not alter the extent of shares to be allocated under the CEO LTI Plan, only the timing of allocations;

(f) For commercial reasons, SKC elected to operate the CEO LTI Plan and Executive LTI Plan as separate plans even those these plans are on the same terms. If SKC were instead operating the CEO LTI Plan and Executive LTI Plan as a single plan, SKC would be able to rely on Rules 7.3.6 and 7.3.9 to make issues of shares to the CEO falling within Rule 7.3.6 as a member of such a merged plan without need for shareholder approval;

(g) Although shareholder approval was also required by the Rules in relation to the financial assistance aspects of the CEO LTI Plan (and was obtained at its 2009 Annual Meeting), SKC notes that the guidance note to Rule 7.6.4 provides that NZX may grant a waiver to allow a director to receive financial assistance if the amount and terms of that assistance has been determined according to criteria applying generally to other eligible employees. SKC considers that a combined CEO and Executive LTI Plan would have met the criteria for the grant of such waiver; and

(h) Accordingly, although SKC has elected to operate the CEO LTI Plan and Executive LTI Plan separately, in effect, these plans are two plans being operated on the same terms and the CEO should be considered to be participating in issues under the CEO LTI Plan based on criteria applying to employees generally under the Executive LTI Plan. If this were the case (and the criteria for the grant of a financial assistance waiver were considered to be met), then the current amendment to the CEO LTI Plan would not have required shareholder approval.

Rule 7.3.1

13. Rule 7.3.1 provides:

No Issuer shall issue any Equity Securities (including issue on Conversion of any other Security) unless:

(a) the precise terms and conditions of the specific proposal to issue those Equity Securities have been approved (subject to Rule 7.3.3) by separate resolutions (passed by a simple majority of Votes) of holders of each Class of Quoted Equity Securities of the Issuer whose rights or entitlements could be affected by that issue, and that issue is completed within the time specified in Rule 7.3.2; or

(b) the issue is made in accordance with any of Rules 7.3.4 to 7.3.11.

Decision

14. On the basis that the information provided to NZX Market Supervision (“NZXMS”) is full and accurate in all material respects, NZXMS grants SKC a waiver from Rule 7.3.1, to the extent that that Rule requires shareholder approval of the Plan Amendment.

Reasons

15. In granting SKC a waiver from Rule 7.3.1, NZXMS has considered the following:

(a) The Plan Amendment will allow SKC to use the CEO LTI Plan more effectively as a retention tool. In particular, it will allow SKC to take steps to incentivise the CEO to remain in his current position for a longer period, which, in the Board’s view, is strongly in the interests of SKC and its shareholders;

(b) The Plan Amendment only amends the timing of allocations and is not a material amendment to the CEO LTI Plan that was approved by shareholders at the 2009 Annual Meeting;

(c) To require SKC to call a meeting of shareholders to approve the Plan Amendment, which is mechanical in nature, would not be in the best interests of SKC’s shareholders; and

(d) The Plan Amendment does not result in a change to the maximum number of shares able to be issued to the CEO under the CEO LTI Plan.

16. NZXMS accepts SKC’s submission that the change is not a fundamental variance, and notes that the waiver granted to SKC on 8 October 2009 will continue to apply in respect of the Plan Amendment.


ENDS.

Related Attachments

SKC - Waiver from NZSX Listing Rule 7.3.1.pdf


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SKC - NEWS : Sky City gets National Convention Centre

Postby Share Investor » June 12th, 2011, 11:53 pm

Last updated 14:04 12/06/2011

SkyCity is to fund the building of a $350 million international convention centre in central Auckland, and in return the Government will consider changes to gambling rules and laws.

Prime Minister John Key and Economic Development Minister David Carter announced the deal in Auckland today.

The 3500-seat centre between Hobson and Nelson streets is expected to boost tourism, create jobs and make Auckland a business events destination.

Key said an international-sized convention centre was essential for New Zealand to tap into the growing market of high value business visitors.

"The tourism industry and business sector have been calling for an international-sized centre for years. Now, with SkyCity, we have the opportunity to build one that will encourage more visitors to come to New Zealand and give a valuable boost to our economy."

The centre is expected to provide a $90 million boost to the economy through new spending by additional international visitors.

It will employ 1000 people during its construction and 800 people when it is up and running.

Key said the Government had ruled out some areas of discussion around changes to gambling regulations and legislation.

"Any changes to gambling regulations will be subject to a full public submission process."
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SKC - August 2011 Investor Presentation

Postby Share Investor » August 9th, 2011, 11:35 pm

SKC - August 2011 Investor Presentation

SKC - August 2011 Investor presentation.pdf


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SKC - NEWS: SkyCity pokies deal to go ahead

Postby Share Investor » January 28th, 2012, 9:34 pm

JOHN HARTEVELT

Last updated 05:00 20/01/2012


Hundreds of new pokie machines and gaming tables are in the offing for casino giant SkyCity as talks for a new national convention centre resume with ''renewed vigour''.

Talks for a deal in which SkyCity foots the bill for a $350 million convention centre in Auckland in return for a series of regulatory concessions from the Government began in June last year.

The Problem Gambling Foundation yesterday said it understood SkyCity had asked for 900 to 1000 extra pokie machines, more gaming tables and regulatory changes to allow more promotion of gambling.

A deal has yet to be struck, however, and newly appointed Economic Development Minister Steven Joyce yesterday admitted that talks had been ''grinding on a bit''.

Just days in to his new ministerial role late last year, Joyce hosted SkyCity executives in his Beehive office to discuss progress on the deal.

''We want to get a good deal on behalf of the Crown and in terms of what's appropriate and so does, obviously, SkyCity on behalf of its shareholders,'' Joyce said.

After the meeting, held just prior to Christmas, negotiators on both sides had agreed to attack talks with ''renewed vigour'', he said.

SkyCity was looking for concessions to make its investment worthwhile, while a national convention centre with no price tag for tax-payers was a priority for the Government.

''It's all about the valuations of the respective things that are being talked about,'' Joyce said.

Asked if there were hundreds of new tables and gaming machines in the offing for SkyCity, Joyce declined to give a figure.

''You've just got to work your way through the calculations and I'm not going to go out there and say it's 'x' or 'x to y' or anything like that,'' he said.

''There is also more technical things, like risks of cost over-runs, that you've got to get tied down as well... The intention is to do the deal.''

Joyce said he would be comfortable with legislation allowing SkyCity to have more machines ''on the basis that it's fair to all parties, including taxpayers and that people can see it's a reasonable thing to do''.

''We see them as a responsible operator, but just like everybody else, they've got to obey the rules,'' Joyce said.

SkyCity is also expected to get a renewal of its gambling licence, which expires in 2021, as part of the deal.

Graham Aitken, acting chief executive of the Problem Gambling Foundation, said Auckland was already ''pretty much saturated with pokie machines''.

Pokie machines at the casino were ''not particularly well-populated'' most of the time and more machines would only be worthwhile to SkyCity if it were able to force regulatory changes allowing them to promote the machines more.

The foundation would be ''very concerned'' by any relaxation of the rules on the promotion of gambling.

There is currently a moratorium on new gambling facilities and additional machines in New Zealand, but internationally, casinos were ''becoming large pokie dens'', Aitken said.

SkyCity company secretary Peter Treacy said talks included negotiations for ''more product, licence extension and a few changes to the property so that we can expand a bit''. He declined to comment on any marketing regulation changes or on the number of new machines and tables being sought.

''It is taking a while, but it is a reasonably complicated deal... The negotiations are going well, with the usual cut and thrust of negotiations,'' Treacy said.

SkyCity was hopeful of concluding a commercial agreement within the first three months of this year, he said.

- © Fairfax NZ News
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SKC - Sky City Entertainment announcement

Postby Share Investor » December 20th, 2012, 10:15 am

as at 08:30:35, Thursday 20 December, 2012 (NZDT)
ASSET: SKC: SKYCITY sell Christchurch stake; buys balance of Queenstown

SKC
20/12/2012 08:30
ASSET

REL: 0830 HRS SKYCITY Entertainment Group Limited (NS)

ASSET: SKC: SKYCITY sell Christchurch stake; buys balance of Queenstown

SKYCITY sells Christchurch Casino share and acquires full ownership of
SKYCITY Queenstown

SKYCITY Entertainment Group today announced it has sold its 50 percent share
in Christchurch Casino to co-owner Skyline Enterprises for $80 million and
has purchased Skyline's 40 percent share in Queenstown Casino for $5 million.

SKYCITY Chief Executive Nigel Morrison says the purchase of the remaining
shares in Queenstown Casino is an exciting outcome.

"This enables SKYCITY to build our international VIP business in a major
tourism destination, which is already a very popular destination for our
overseas VIP guests," he says.

"Increasingly, our Horizon and Eight VIP customers in Auckland want to visit
Queenstown as it is so iconic to New Zealand and has a high international
profile. Having complete ownership will allow us to develop a VIP offering
that will better accommodate these high-spending visitors.

"Queenstown will complement our existing 'Horizon' VIP offerings in Auckland
and Darwin, which have already benefited from investment made there over the
last two years.

"Our VIP guests generate much needed export dollars for New Zealand and will
bring extra economic activity to the Queenstown region and the country as a
whole. We look forward to further building our relationships with the
community, businesses and local leaders in the area.

"We have said for some time that we prefer to be outright owners of the
properties we are involved in. Skyline expressed an interest in acquiring
SKYCITY's 50 percent stake in Christchurch, which fits with our strategy. We
thank Skyline for the good working relationship we have had with them over
many years and wish them well with Christchurch Casino," Mr Morrison says.
End CA:00231414 For:SKC Type:ASSET Time:2012-12-20 08:30:35


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SKC - SKYCITY welcomes release of Auditor-General’s report

Postby Share Investor » February 19th, 2013, 2:48 pm

2:40pm, 19 Feb 2013 | GENERAL
SKYCITY welcomes the release of the Auditor-General's report that has found no evidence to suggest that the final decision to negotiate with SKYCITY was influenced by any inappropriate considerations, says SKYCITY Chief Executive Nigel Morrison.

We now look forward to re-engaging with the government to conclude these negotiations.

We remain willing to invest up to $350 million to develop, own and operate the New Zealand International Convention Centre, provided acceptable returns can be delivered on the total project.

There is no doubt New Zealand needs to invest more in tourism infrastructure, such as the NZICC.

In addition to creating a major construction project for Auckland, it will allow New Zealand to compete globally for a fair share of large scale conferences exhibitions and events, which will increase international visitation, deliver much needed jobs and stimulate economic growth in Auckland and across New Zealand, Mr Morrison says.

For further information please contact:

Kelly Armitage
Senior Communications Advisor
SKYCITY Entertainment Group
Phone +64 9 363 6084
Mobile +64 27 2135625
E-mail: [email protected]

Attachments

SKC LINK.pdf
Sky City Intention to negotiate with govt.pdf


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$350m SkyCity casino deal to be signed off

Postby Share Investor » May 13th, 2013, 9:18 am

Image

Conceived over dinner almost four years ago, the Government's $350 million pokies-for-a-national convention centre deal with SkyCity is to be signed over breakfast this morning.

Sources close to the negotiations between the Government and SkyCity yesterday said Economic Development Minister Steven Joyce and SkyCity chief executive Nigel Morrison would today sign a heads of agreement for the deal.

Mr Joyce's office later said an announcement would be made at the casino at 8am.

Under the deal, SkyCity will design, build and operate an international scale convention centre in return for "regulatory reform" of rules covering casino operations.

That will allow SkyCity to operate more poker machines and give it other concessions.

Prime Minister John Key has said the convention centre will create 1000 new jobs while it is being built and 800 permanent new jobs when it is up and running.

But the Opposition disputes those figures and says the deal amounts to the Government putting the law "up for sale".

Investment bank Goldman Sachs estimated the new pokies and other concessions could add $42 million a year to SkyCity's profits.

But opponents say up to 500 extra gaming machines could create as many as 400 new problem gamblers a year and claim the casino has a patchy record on host responsibility.

It is understood the agreement includes "harm minimisation" measures including dealing with problem gamblers at an early stage.

Government sources were last night tight-lipped on details including how many additional poker machines the casino company will be allowed under changes to the Gambling Act.

But the casino has said it wants 300 more pokies, extra table games and an early extension to its exclusive licence.

The deal has angered the anti-gambling lobby, which says it will increase problem gambling at a time when the number of pokies in Auckland should be falling under the city council's "sinking lid" policy.

Three months ago, an Auditor-General's investigation into the deal Minister, casino sign convention centre deal instigated by the Green Party cleared Mr Key of any improper involvement in early stages of negotiation.

Mr Key has acknowledged that changes to the Gambling Act in return for SkyCity building the convention centre were first raised when he had dinner with the company's board in November 2009.

But the Auditor-General's report found the Government's subsequent dealings with SkyCity over the matter "fell short of good practice in a number of respects".

These included the fact the casino operator was given information and access to ministers and officials that other bidders to build the centre did not receive.

The casino had the advantage in knowing the Government didn't plan on putting any money into the project, enabling it to shape its offer.

Labour Leader David Shearer last night said his party objected to the deal on two ground.

The first was that it was "a shonky process".

"Obviously there was a backroom deal done between John Key and and his mates at SkyCity," he said.

"There were clearly other participants that didn't get the same information that clearly SkyCity did."

"Secondly, I personally find it objectionable to build a convention centre effectively on the backs of problem gamblers."

The Government's announcement almost certainly indicates United Future Leader Peter Dunne has agreed to support the deal, as the Maori Party has indicated it won't vote in favour of the necessary legislation.

Mr Dunne was unwilling to comment last night, but recently told the Herald he was keen for Auckland to have a world-class convention centre, but was opposed to an increase in pokie numbers.

By Adam Bennett Email Adam, John Armstrong
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