Christchurch Casino, Dunedin Leisure Lodge drag Skyline

Source: Skyline Enterprises

Skyline Enterprises says it has seen an increase in trading across all of its businesses except for its Christchurch Casino and Dunedin Leisure Lodge operations.

In the company’s review of the six months to the end of September released yesterday,   executive chairman Mark Quickfall said overall results were “in line with trading for the same period of the previous year and slightly down on budget”.

“However, it is noteworthy that Skyline Luge Tongyeong is trading ahead of forecasts and with the additional capacity at Skyline Luge Sentosa we are confident we will return to our overall budget targets by year’s end,” said the company.

No figures were released in the update but the company reported in July a 26% leap in pretax profit to $85.1m for the year to 31 March.

The company said its two gondola operations, Skyline Queenstown and Skyline Rotorua, had enjoyed “strong trading” during the period and its Skyline International Luge business was ahead of budget.

“The second six months is key for Totally Tourism with each of the businesses well positioned for a strong summer,” said Quickfall. “Skyline Properties performance is consistent.”

However, the company’s Christchurch Casino and Dunedin Leisure Lodge dragged the group.

“Whilst visitation levels at Christchurch Casino have improved, this has been offset by a lower average spend exacerbated through less participation by the high-end visitor,” said Quickfall.

“The upgrade work at Dunedin Leisure Lodge and softer visitation to Dunedin over this period has impacted trading.”

Skyline noted the projects currently underway or being scoped: Skyline Queenstown redevelopment, Skyline Luge Busan, O’Connell’s Pavilion, Franz Josef Glacier Gondola, Skyline Swansea, plus ongoing investigations into several potential International Luge sites.

The company unveiled yesterday its $26m concept for the redevelopment of O’Connell’s Pavilion shopping centre in Queenstown.

It said updates on its development plans could be viewed at its new corporate website

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