Forum Archive Index - October 2001

["Steven Link" <seechoke@hotmail.com>]

SKC has ONE great asset - Auckland Casino. A monopoly in a city short of 
other forms of entertainment for the tourists and locals, the casino does 
really well.

The management (appointed by Brierley Investments - one of NZ's great gifts 
to the rest of the world - well known for their pathetic acquisitions like 
Mt charlotte, Molokai Ranch, Ansett etc...shifting wealth out of NZ to the 
rest of the world)has been paying high dividends BUT borrowing money (over 
$250 million) to buy into bad investments like Force, Canbet, Queenstown 
Casino and Adelaide casino.

Force - only a fool would have bought it off Peter Francis.  SKC mgmt would 
like you to believe that they can add value to a company which is basically 
insolvent.
Canbet - An Eric Watson invention.  Management buying Canbet shares? Try 
Fortex mgmt, Strathmore mgmt and Advantage mgmt buying the company's shares.
Queenstown casino - A bit of competition and SKC's mgmt is not so special 
any more.  Losing money.
Adelaide casino - The Australians will not touch it and SKC paid up for it.  
This casino halved its earnings in the last year under SKC mgmt.

Sure - plenty of promises from the mgmt but will they deliver? Can they 
deliver?  Pick this one right and you either make some money or if you pick 
it wrong, lose a lot of money.  Good luck.



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