Major capital investment to test SkyCity Entertainment's earnings resilience.
Our NZD 4.20 (AUD 3.80) per share fair value estimate for narrow-moat SkyCity Entertainment is unchanged as early trading in fiscal 2018 meets our expectations. The stock is currently fairly valued relative to our intrinsic assessment. During the first four months of fiscal 2018, normalised revenue rose 2% on the previous corresponding period. However, the International VIP business is cycling a difficult comparable period, which largely predated the arrest of Crown Resorts employees in China wh...
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