Casino Operator SkyCity Profit Plunges 42 Percent

Auckland hotel and casino operator SkyCity Entertainment Group has reported a 42 percent fall in annual profit to $71.5 million, prompting a trading halt and a $240 million equity raising.

Revenue fell 11.1 percent to $825.2 million in the year to June 30, despite customer visits rising 4.6 percent. The company said lower spending per person, due to challenging economic conditions, was to blame.