SkyCity Entertainment Group Limited warns of more Auckland delays

At New Zealand, the boss for neighborhood casino operator, SkyCity Entertainment Group Limited, has warned investors that the conference centre and 300-room resort his firm is building next door to its SkyCity Auckland place may not be open on time.

Work falls behind schedule:

According to a report from Asia Gaming Short and Radio New Zealand, the Auckland-based casino firm broke ground on its 344,445 sq ft New Zealand International Convention Centre and adjoining five-star Horizon Hotel at 2016. They detailed that this work subsequently fell behind program by some six months to give both jobs expected opening dates in December of next year.

Prices continuing to rise:

However, Graeme Stephens, Chief Executive Officer for SkyCity, informed investors on Friday the provisional opening dates for both Auckland areas could be about to be pushed further in the future whilst explaining that the whole business had gone over its first $400 million funding by a growing but disproportionate amount.

Stephens told investors…

“This can remain a difficult endeavor and we continue to take care of issues as they arise.

Operator blames main contractor:

Stephens also told investors that the main contractor for the two jobs, Fletcher Construction, had faced several flaws before hinting that his firm may be forced to take legal action if it incurs damages as a consequence of further holdups. SkyCity had previously declared that it desired to host its first event within the freshly-completed New Zealand International Convention Centre at early-2020.

Fixed-price reassurance:

SkyCity Entertainment Group Limited is responsible for four casinos in New Zealand alongside 2 at Australia and previously reportedly stated that any flaws in completing the Auckland jobs would not impact its financial position because it had agreed a fixed cost with Fletcher Construction.

SkyCity Darwin purchase in the functions:

Away from Auckland and Stephens reportedly told investors that his firm was currently engaged in negotiations about the prospect of promoting its SkyCity Darwin place and will attempt to control future spending whilst conducting a review to its assets.