Forum Archive Index - February 2002

["i_claudius" <i_claudius@xtra.co.nz>]

Thanks for those thoughts,guys.

Phil-I understand there are 2 casinos in Queenstown.Did you look at the
other as well?And how did it compare?

Snoopy-your math looks ok to me.
My own view is that the recent price weakness has been due to concern about
the Force situation ...possibly exacerbated by Jupiters softish result
yesterday.
SKC's immediate core earners are Auckland and Adelaide.Auckland is going
great guns....just keeps earning more & more.I think Adelaide (tacky as it
may be...such a subjective term) will surprise us all in it's earnings
improvement.I had a good look at it last June (see my early July post) and I
can see much improved revenues and earnings being announced in the upcoming
interim result.
Beyond this we have Hamilton coming on stream later this year and the
Auckland conference centre and expanded gaming area following that.Excellent
growth.
I don't think Hamilton will impact Auckland that much.
I think SKC are going to end up owning all of Force and they'll either get
Argentina right or walk away from that part of the operation.Their exposure
to the Argies is now capped.The rest of Force can generate good earnings
quickly to pay off the cost of amputating the weakest link.
Canbet...who knows?Their Jan statement confirmed CBT had increased revenues
and hold percentages over pcp.

SKC as a group has significant free cashflow so I don't see the debt as
being a problem.Good leverage.The major profit operations are performing
well and investors have every reason to feel confident IMO.

Discl:long and strong.



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