Sky City Hurt by Smoking Ban

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NEW ZEALAND – As reported by the New Zealand Stuff: “Shares in Sky City Entertainment group fell by nearly 3 per cent on news that last year’s smoking ban had led to a reining in of net profit growth to 4 per cent in the six months to December.

“Managing director Evan Davies said yesterday that last December’s ban on smoking and other legal changes had significantly affected the results.

“Sky City had estimated the ban would knock $10 million off revenue in the 2005 financial year.

"A $20-note limit on pokie machines had also reduced revenues in Auckland from gaming machines by 1.2 per cent on the same period a year earlier.

“…Sky City shares finished down 6 cents at $5.17, having traded as low as $5.08.

“Sky City Group now has casinos in Auckland, Queenstown and Hamilton and a 40 per cent stake in the Christchurch casino…”

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