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Adelaide Casino expansion unlikely says Sky City

Adelaide Casino expansion unlikely says Sky City There will be no money invested in Adelaide Casino said Sky City Entertainment Group Ltd. (SKC:NZ), New Zealand's largest casino operator. Sky City chief executive Nigel Morrison told shareholders that the high tax and over-regulation by the South Australian Government are to blame for the lack of desire to invest further into the casino. "There hasn't been any dispensation for VIP gaming areas, for high roller areas, in relation to smoking and certainly our main competitors around Australia have that dispensation for VIP gaming clientele and for international clientele, you know Asian high rollers and you know we find that's a bit of a problem as well," Morrison wrote in a letter to shareholders.

 According to Sky City, its Adelaide casino is the highest-taxed, monitored and regulated casino in Australia, while the interstate casinos enjoy privileges, such as exemption from smoking bans, to boost their popularity with gambling high rollers. The gambling giant has already spent $23 million (USD) in recent years improving its performance, but further expenditures are unlikely, unless changes are made by the government.

 Published on 07/14/2008

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