New Zealand-based Sky City Entertainment expects that, by the year’s end, its profits will be up by 7%. With several positive signs indicating that 2011 will have been an incredibly profitable year for the company, Sky City is confident about the profit increase.
At Sky City’s annual meeting, CEO Nigel Morrison stated that he expects 2011’s full year profits to reach over $140 million. Last year, profits were just over $130 million and Morrison believes that the company will fare much better this year.
The company has recognized the substantial effect that the Rugby World Cup had on its profits earlier this month. Bringing in a wide range of tourism dollars, the Cup saw a great deal of visitors spending their money at local casinos like Sky City Auckland. Presenting a place for punters to place wagers on the Rugby Cup and a venue in which to spend some down time, the casino saw a great deal of activity during the competition.
The company also hopes to a significant return on the investment made in order to renovate Sky City Auckland. Just months after the revamp, the casino is seeing improved profits. This increase in revenue will certainly help Sky City reach its 7% increase goal by the end of 2011.
