Gambling industry still worth a punt, Sky City figures show

Sky City CEO Nigel Morrison said the company's Auckland gaming strategies were 'gaining traction'. Photo / Getty Images

Few business sectors appear immune to the global financial crisis, but the gambling industry seems to be coping just fine.

Casino operator Sky City Entertainment Group today said total revenues for January and February were marginally ahead of the same period last year.

Revenues from Australian casino operations were up more than 14 per cent in Australian dollars, and more than 20 per cent when expressed in New Zealand dollars, chief executive Nigel Morrison said today.

New Zealand operations were in line with the prior period.

Earlier the company reported that underlying net profit for the half year to the end of December was steady at $55.6 million.

Today, in a newsletter to shareholders, Morrison said the company's Auckland gaming strategies were gaining traction.

Gaming machine revenues for the three months ended February were up 4 per cent compared to the corresponding three months a year earlier.

Sky City remained cautious in its outlook, Morrison said.

"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."

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

- NZPA