Forum Archive Index - October 2001

[Sam and Jerry <samjer@xtra.co.nz>]

difficult to argue with your logic.

thanks for those insights.

Jerry

Steven Link wrote:

> 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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