Sky City Under Review

24 Feb 2005

NEW ZEALAND – As reported by Bloomberg: " A ticket system at Sky City Entertainment Group Ltd., allowing New Zealand's largest casino company to step around a government ban on the use of currency notes exceeding NZ$20 ($15) in gaming machines, is under review, according to New Zealand's gaming regulator.

"Sky City gained approval for its ticketing machines from the Casino Control Authority, which was disbanded last year when the Internal Affairs Department took over as regulator. The department is reviewing the technology, Kate Reid, manager of gaming operational policy, said in an interview yesterday.

"Internal Affairs will probably decide by June 30 whether to halt or allow use of the ticket system, after submissions from casino and gaming operators, machine manufacturers and the health ministry, Reid said. The department is concerned the technology undermines a ban on higher value bank notes that's designed to help curb problem gambling, Reid said.

"The government could impose a retrospective law to ban the machines, she said.

"…The ban on higher value notes cut about NZ$7 million from Sky City earnings last year. Shares of Sky City fell 0.8 percent to NZ$5.05 yesterday, the third daily decline…"

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	Sky City Under Review 24 Feb 2005 NEW ZEALAND – As reported by Bloomberg: " A ticket system at Sky City Entertainment Group Ltd., allowing New Zealand's largest casino company to step around a government ban on the use of currency notes exceeding NZ$20 ($15) in gaming machines, is under review, according to New Zealand's gaming regulator. "Sky City gained approval for its ticketing machines from the Casino Control Authority, which was disbanded last year when the Internal Affairs Department took over as regulator. The department is reviewing the technology, Kate Reid, manager of gaming operational policy, said in an interview yesterday. "Internal Affairs will probably decide by June 30 whether to halt or allow use of the ticket system, after submissions from casino and gaming operators, machine manufacturers and the health ministry, Reid said. The department is concerned the technology undermines a ban on higher value bank notes that's designed to help curb problem gambling, Reid said. "The government could impose a retrospective law to ban the machines, she said. "…The ban on higher value notes cut about NZ$7 million from Sky City earnings last year. Shares of Sky City fell 0.8 percent to NZ$5.05 yesterday, the third daily decline…"