SKC - SkyCity

[Waltzing]

yes what a performance !!!!

are they there yet?

https://www.youtube.com/watch?v=9OXHiOQjRLM

[Hectorplains]

Morningstar are still keen on SkyCity, in a report released today:

"A short-term suspension of the New Zealand casino license is likely, the Adelaide casino license is under review, and there is significant uncertainty around the Austrac civil penalty against SkyCity Adelaide - we expect about $50 million,"

"But we think pessimism is overblown. SkyCity's properties are enjoying significant revenue and earnings growth with pandemic restrictions over, capital spending is set to ease as $1 billion in major projects across Auckland and Adelaide complete, and the long-dated and exclusive license in Auckland means it should benefit from the continued recovery in New Zealand tourism."

[Waltzing]

its a stich up... that Infernal Ars... department want that license so they can give it to IWI...

the sharks... IWI are hunting that license and MAMA MA HUUUU TA and her mates want in ...

https://www.youtube.com/watch?v=Te3_VlimRw0

SKC should bring damages and put an PI team on the job to find who put that punter up to it...

[kiwi2007]

SkyCity chairman Julian Cook says the company will probably admit allegations that its Australian casino operation breached anti-money laundering laws and pay a multi-million dollar penalty.

"We are yet to strike a final agreement with Austrac, but, if we do, it will most likely include admissions of such nature," Cook told Markets with Madison.

"We will probably be paying a fine."

https://www.nzherald.co.nz/business/skycity-chairman-well-probably-admit-to-breaking-the-law/EA6MFHZ7MJBVRF7G5DM7NQJGYM/

Markets with Maddison

Good interview with the Chairman. Very frank.

[Waltzing]

This  is for the Sir Walter Raleigh's of the world....

she a spanish Galleon demasted in a storm with a bad helmsman...

sort of like the spanish armarda in the English channel hit by a storm. The captains drunk in the state room while it sailed into a storm under full sail.

she ready the for boarding soon... cutless in hand take no prisoners... oh hang on its 2023 ... sort of civilised but not really...

Desperate times call for desperate measures..

https://www.youtube.com/watch?v=LkWQvzrv6gI

[Onemootpoint]

SkyCity chairman Julian Cook says the company will probably admit allegations that its Australian casino operation breached anti-money laundering laws and pay a multi-million dollar penalty.

"We are yet to strike a final agreement with Austrac, but, if we do, it will most likely include admissions of such nature," Cook told Markets with Madison.

"We will probably be paying a fine."

https://www.nzherald.co.nz/business/skycity-chairman-well-probably-admit-to-breaking-the-law/EA6MFHZ7MJBVRF7G5DM7NQJGYM/

Markets with Maddison

Good interview with the Chairman. Very frank.

Yes, decent interview. I enjoy the 'Markets with Madison' videos in a fairly barren NZ equities YouTube landscape.

I'm neither a shareholder nor a gambler/ gamer although some may consider 'playing' the markets as gambling.

[Waltzing]

ok OMP your not going to be a prirate and jump on that ship...

cant wait ...

"fairly barren NZ equities YouTube landscape."

 they are going to close it down...Winner() said so ...

[Waltzing]

as retail investors sell notice the STR's

[Basil]

https://www.stuff.co.nz/business/money/301014204/with-40000-lost-a-21yearold-gambler-says-panic-took-over

[Red Baron]

https://www.stuff.co.nz/business/money/301014204/with-40000-lost-a-21yearold-gambler-says-panic-took-over

A zad ztory, but can you blame Zky Zitty for thees?

1/ "He estimated he was $20,000 up when he went in. But things got out of hand."
Zo he vas $20,000 up vhen he started his Vriday nights gambling, after gambling at the casino for 'several weeks', vith apparently no overall issues.

2/ "Between 5pm and 1am, he was on a losing streak that he said eventually cost him $43,000 – including $12,000 that he gave to a friend to buy chips for him and $4500 that he gave to his mother for chips."
Zo he got -two- other people to buy hees gambling chips, presumably realizing that the people dispensing the chips vould have cottoned on to hees behaviour, eef he had continued to buy the chips from them himself.

3/  He said, in previous weeks, vhen he had been vinning, staff had regularly reminded him to take a break.
"That day I was on a big losing streak, I was too hot-headed and kept going and no one stopped me.
"They came and told me I was due for a break but I blew them off, I'm gambling, not thinking straight and they walked off in literally a few seconds."

Zo zee ztaff deed try to ztop heem, as they had done previously vhen they advised heem to 'take a break' on previous occasions (vhich vould have taken them a vew zeconds), yet thees time he told them to 'get lost' (after a vew zeconds).       

4/ "Julshan was asked by the casino operator on Friday whether he would agree to ban himself."
Zo ze casino ztaff deed not take 'no' vor an answer that Vriday night and came back later that night, asking Julshan to ban heemzelf?

"The next morning, he went back and lost another $2000 trying to win back his money, before he was pulled aside and told he was suspended."
Zo Zky Zitty vas 'on ze ball' and ztopped thees gambling spree vithin 18 hours?

5/ "He said he would also stop online gambling."
Zo he vas gambling on-line, off zite, as vell?   Vhat deed you expect ze ztaff of Zky Zitty to do about thees?    Does thees not zay our gambler vas 'very determined' to continue hees gambling habit, vether Zky Zitty even exeested or not?


Geeven an apparently in control gambler who 'vent off the rails' in a highly deceptive but controlled vay over an 18 hour period, but nevertheless vas given three interventions and eventually ztopped, all vithin a vew hours, I vould zay Zky Zitty ztaff deed their job vell.  Very vell!

Vhat vould have happened eef Julshan had continued to gamble on line vith no intervention vrom anyone vrom Zky Zitty?

RB

[Apollo]

I guess at some point you have to take responsibility for your own actions.

[Waltzing]

Gosh .... only 40,000 down....

remember in 2008 when the patron of our portfolios who had grown up the great depression said...

should we sell... someone replied "To late lets hold and pray"....

wonder how many investors/punters here have seen portfolio's 400 G down in those days of global ,melt down...

Infernal Affairs can roll him out as witness number 2.....

Ban all gambling... well there goes on line sports betting...

https://www.youtube.com/watch?v=70Eiwq9O8zA

[Hectorplains]

A zad ztory, but can you blame Zky Zitty for thees?

1/ "He estimated he was $20,000 up when he went in. But things got out of hand."
Zo he vas $20,000 up vhen he started his Vriday nights gambling, after gambling at the casino for 'several weeks', vith apparently no overall issues.

2/ "Between 5pm and 1am, he was on a losing streak that he said eventually cost him $43,000 – including $12,000 that he gave to a friend to buy chips for him and $4500 that he gave to his mother for chips."
Zo he got -two- other people to buy hees gambling chips, presumably realizing that the people dispensing the chips vould have cottoned on to hees behaviour, eef he had continued to buy the chips from them himself.

3/  He said, in previous weeks, vhen he had been vinning, staff had regularly reminded him to take a break.
"That day I was on a big losing streak, I was too hot-headed and kept going and no one stopped me.
"They came and told me I was due for a break but I blew them off, I'm gambling, not thinking straight and they walked off in literally a few seconds."

Zo zee ztaff deed try to ztop heem, as they had done previously vhen they advised heem to 'take a break' on previous occasions (vhich vould have taken them a vew zeconds), yet thees time he told them to 'get lost' (after a vew zeconds).       

4/ "Julshan was asked by the casino operator on Friday whether he would agree to ban himself."
Zo ze casino ztaff deed not take 'no' vor an answer that Vriday night and came back later that night, asking Julshan to ban heemzelf?

"The next morning, he went back and lost another $2000 trying to win back his money, before he was pulled aside and told he was suspended."
Zo Zky Zitty vas 'on ze ball' and ztopped thees gambling spree vithin 18 hours?

5/ "He said he would also stop online gambling."
Zo he vas gambling on-line, off zite, as vell?   Vhat deed you expect ze ztaff of Zky Zitty to do about thees?    Does thees not zay our gambler vas 'very determined' to continue hees gambling habit, vether Zky Zitty even exeested or not?


Geeven an apparently in control gambler who 'vent off the rails' in a highly deceptive but controlled vay over an 18 hour period, but nevertheless vas given three interventions and eventually ztopped, all vithin a vew hours, I vould zay Zky Zitty ztaff deed their job vell.  Very vell!

Vhat vould have happened eef Julshan had continued to gamble on line vith no intervention vrom anyone vrom Zky Zitty?

RB

I'm no fan of casinos and the like... In this case it appears that Sky has done the minimum required under New Zealand's Gambling Host Responsibility requirements.  More detail here on their responsibilities.    These sorts of stories do Sky no favours and you'd hope that they erred more on the side of caution (intervention and affirmative action) when faced with problem gambling behaviour. 

[Waltzing]

  oh how times have changed...

 Those sky city dance parties pre 2008... those were the day...

[Red Baron]

I'm no fan of casinos and the like... [snip]

Casinos are a polarising zubject, do you not agree?  Ze trouble vith answering a post zuch as yours eez, to personalise zis topic, I come from the view that "Mr Zky Zitty" eez an 'OK guy' vhereas een you view Mr Zky Zitty" as a 'manipulative rat bag' guilty before being charged.  Thus everything that appears after your opening line gambit reads like a 'jackboot attack' of Mr Zky Zitty as he writhes on ze vloor.

I have vread ze 'Gambling Host Responsibility' booklet that you sent.  Danke schön.  BUT I am puzzled by your 'done the minimum required' accusation.  Your argument being that actually Zky Zitty did vollow the rules (box ticked) BUT deed not do enough? 

I agree the rezult for Julshan ($40k down in a night) vas terrible.  Yet it seems Julshan vas not a problem gambler before zhat Vriday night.  Zo there vas no particular heestory of bad behaviour to eendicate to Zky Zitty ztaff that he was any more a danger to heemself than a multitude of other gamblers on ze floor that night.  And, no doubt being a Vriday night, ze vloor vas busy.

Julshan vas also deliberately deceptive, more than vonce, in getting others to buy gambling cheeps vor heemself.  Julshan's gambling zuddenly escalated that one night.  Julshan vasn't doing anytheeng illegal.  He vas gambling vith hees own money.  Voolish, yes! But illegal?  No.  There is no law against being an eediot.  Yet you blame Zky Zitty for all of Julshan's woes?  Vhat zpecifically deed you egspect Zky Zitty to do, over and above vhat they deed?

To use another analogy, ve have 'health and zafety' laws: Guidelines of vhat to do and not do in the vorkplace.  And yet deespite ze employers best practice, ve still have vorkplace accidents.  Zo, every vorkplace accident eez alvays ze employers vault (by your logic)?

RB