Gamble For Free

Gambling industry is worth a punt. The gambling industry seems to be coping very well, unlike other industries that have been effected by the global financial crisis.

Sky City Entertainment Group, a casino operator, said today that total revenues for January and February of 2009 were marginally ahead of the same period last year in 2008. Chief executive Nigel Morrison said today that revenues from Australian casino operations were up more than 14% in Australian dollars, and more than 20% when expressed in New Zealand dollars. Earlier Sky City reported that the net profit for the half year that ends in December was steady at $55.6 million! That’s not bad.

Gaming slot machine revenues for the 3 months ending in February were up 4% compared to the corresponding 3 months a year earlier. Making money is a major gambling benefit. “While we continue to believe that our future performance will be influenced by how the New Zealand and Australian economies unfold, we are encouraged by our recent results to February 2009.” Nigel Morrison

Sky City shares were up 6c in late morning trading to $2.83.