Business

Sky City expects lift in full year profit

19:17 pm on 19 October 2012

Sky City Entertainment Group's revenue fell in the first quarter but the casino operator expects to beat last year's full year profit.

Revenue fell 2.1%, led by a drop at the group's flagship Auckland casino.

Chief executive Nigel Morrison told the company's annual meeting in Auckland that last year's profit was boosted by the Rugby World Cup.

But he still expects to beat last year's $138.5 million annual profit, thanks to investing in its Auckland, Hamilton and Darwin casinos.

"The first half last year benefited from the uplift of the 2011 Rugby World Cup, which will make delivering a result this first half a little bit challenging but overall for the whole year we would be very disappointed if we did not deliver in the 140 millions."

Mr Morrison says talks are continuing with the Government over plans to build a controversial $350 million convention centre in Auckland.

He reiterated the project will only go ahead if the company is confident the project will provide a good return for shareholders.