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Sky
City in 1999
- The
best margin performer amongst Australasian casinos
- 90%
dividend payout ratio maintained
- Exciting
entertainment options
- A
well-established brand profile representing fun and entertainment
- Vital
contribution to economic development, employment and tourism in the
Auckland region
- Significant
contribution to, and role in, the Auckland community
$45.6
million
after-tax earnings
- Earnings per share up
from 32cps* (1998) to 47cps (1999)
- Dividend per share up
from 29cps (1998) to 43cps (1999)
- Total revenue up 8% from
$239 million (1998) to $257 million (1999)
Highlights
1998/99
- Queenstown casino licence
awarded
- Share buyback continued:
3.75 million shares acquired in calendar 1998 at an average of $5.07
per share
- A very successful instalment
receipts issue attracted 20,000 new shareholders in March 1999
- Sky City well established
as the entertainment centre of Auckland
- An estimated 5.5 million
visitors to the Sky City complex, of whom 650,000 were international
visitors to New Zealand $45.6 million
- 100 new gaming machines
in December 1998
- Restaurant mix enhanced
- Main floor refurbishment
commenced
- Continuing involvement
in the Auckland community through sponsorships and donations
Strategic
focus
To improve the overall performance
of the business through a combination of growth and cost control, by:
- providing a fun and entertaining
environment for customers
- attracting new customers
- maintaining a focus on
entertainment events and other initiatives as a stimulant to revenue
performance, with immediate focus on the millennium year opportunities
during the next 12 months
- maintaining a focus on
cost management and margin performance across all sectors of the business
- seeking new opportunities
within the gaming entertainment sector and positioning for alternative
forms of gaming as appropriate
- developing a performance-oriented
people culture
- contributing to and participating
in the Auckland community and other communities in which we will be
involved in the future
*
cents per share
1998 EPS before non-recurring
items
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Key
elements of the result
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