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Adelaide casino might be for sale

22 May 2007

AUSTRALIA -- As reported by the Sydney Morning Herald: "The Adelaide casino could soon be on the auction block, with James Packer's Publishing & Broadcasting Ltd likely to be the only bidder after New Zealand gaming company SkyCity Entertainment Group announced it would sell businesses that were not keeping up.

"Gaming industry players Tabcorp and Tattersall's are believed to be unlikely to bid for the Adelaide casino.

"...Adelaide is unlikely to attract a high price because of the lack of likely bidders and the fact that the casino is located in a heritage-listed building which is almost impossible to expand or renovate.

"...SkyCity made the announcement at an update for analysts and institutional shareholders, where it also revealed a $NZ33 million cost-cutting program aimed at boosting its share price despite effectively downgrading its profit forecast..."

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