For whom the bill tolls

The bizarre turn of events over what Maurice Williamson said about tolling roads last week goes completely beyond me.

Not only was it nothing to be ashamed about-shame on you John Key for humiliating him-but it is something that the Labour party are keen on doing themselves.


Labour have a raft of measures to increase the burden on vehicle drivers that they are not highlighting.

1. Labour allowed local authorities to charge a 5c a litre tax on petrol.

2. Helen Clark has single handedly at least tripled the cost of the Waterview link of the South Western motorway simply because she insists on a tunnel rather than a conventional motorway.

The rest of that motorway runs conventionally until it reaches Helen Clark's electorate. Where it abruptly stops. Tolls will be charged by Labour to fund this tunnel.

The cost of Helen's couple of kilometres of motorway? More than 2 billion dollars.

Where will it come from? Your pocket.

3. a host of carbon related taxes for motorists-courtesy of the fraudulent emissions trading bill, set to be passed over the next 2 weeks. Motorists will be taxed according to engine size for example.

The extra cost for motoring is clearly higher under Labour but they are not telling you, the voter, the truth about it.

Williamson was talking the truth about tolls, Labour will have tolls as well plus the extra taxes outlined above.

Related Political Animal reading

Fraudulent Emissions Trading Bill

c Political Animal 2008

Sky City Entertainment: 2008 Profit Analysis

Share Investor Forum-Discuss this topic


Today's 2008 full year profit announcement for Sky City Entertainment [SKC.NZ] looks like the beginning of a resurgence for the company to me.

CEO Nigel Morrison has written down the value of its cinema business to zero value-it will always struggle-a good chunk of debt has been paid down, cashflow is up, gross revenue at record highs, reduced maintenance and capital expenditure planned for 2009 and VIP revenue up strongly.

Morrison's move away from the expansionist mantra of the previous CEO, Evan Davies to focus on squeezing everything out of the company's existing assets gets the big tick from me.

The New Zealand casino revenue seems to be stagnant, with a plateauing of income at Auckland but management say that is because of a gaming floor refurbishment interfering with gaming.

This is understandable and the company say revenue has picked up since the building was finished.

The good news comes from Australia-finally-with the company's star casino in Darwin increasing revenue by more than 7%.

Darwin really looks set to do the business for the company in the future, as it is expanding its facilities and the economy in that part of Australia is booming. On present form it looks set to overtake the revenue of Adelaide casino in FY 2009.

Sky City Darwin is the only of the company's 6 casinos to be able to expand gaming facilities and it also retains a smoking environment, similarly unique. Both these attributes are important to gamblers, especially the large patronage of Asian customers.

Good news also from Adelaide. Although revenue was down 4.4% for the year, management expected a much bigger drop because of the introduction of no smoking at the casino in 2007.

Similar legislation introduced to the Auckland Casino in 2004 put a stop to the spectacular growth that it had been having up until the introduction, so Adelaide's impact has been minor so far.

Once again, the huge black spot on the whole result and company as a whole, is the pathetic result of the company's cinema division. Revenue was down by over 2% and EBITDA halved to just under $5 million.

The galling thing for me as a shareholder is that 10's of millions of dollars of shareholder money has been spent over the last few years on capital expenditure to refurbish or build new cinema facilities.

Albany 10, which I use, is lovely(but was leaky) but clearly makes no money, would have cost a good $10-15 million in 2008. Manukau 10 will cost $8 million in 2009 and doubtless there will be more to come.

Do the math Nigel. SELL IT !

Looking towards 2009, I feel very positive about the company and its prospects.

The focus on current assets is the key to increasing the bottom line profit and expansion of any business unit should only be done after the simple test of whether shareholders could do better with the money that would be spent on capital expense, than income derived from the new asset.

Its time for long term shareholders to be rewarded.


Sky City @ Share Investor

Sky City Entertainment 2008 Full Year profit results , NZX release, 2008 full year presentation, result briefing webcast, financial statements
Sky City 2008 profit preamble
Sky City outlines a clear future plan
As recession bites Sky City bites back
Sky City Assets: Buy, sell and hold
Why did you buy that stock? [Sky City Entertainment]
Sky City Share Volumes set tongues wagging
Sky City half year exceptional on cost cutting
NZX Press release: Sky City profit to HY end Dec 2007
Sky City Cinemas no Blockbuster
Sky City Entertainment share price drop
New Broom set to sweep
Sky City Management: Blind, deaf and numb
Sky City sale could be off
Opposition to takeover
Premium for control
Sky City receives takeover bid
Sky City Casino Full Year Profit to June 30 2007
Setting the record straight
Sky City CEO resigns
Sky City Casino: Underperforming
Sky City Casino 2007 HY Profit(analysis)
Sky City Casino 2007 HY Profit

Share Investor Forum-Discuss this topic

Sky City Financial Data

• Summary
• Charts
• Dividends
• News
• Announcements
• Price History
• Related Securities

Related Amazon Reading



Introduction to Casino and Gaming Operations (2nd Edition) by Lincoln H. Marshall
Buy new: $84.16 / Used from: $61.00
Usually ships in 24 hours

c Share Investor 2008

Not that there is anything wrong with it: Part Deux

By popular demand here is a look at Helen Clark and her appearance at the Big Gay Out 2008.

Like her performance at the 2007 BGO, she is absolutely passionate about this small sector of our community: Lesbians, Male homos, transgender and the "triples" that Ruth Dyson is fond of funding if we are unlucky enough to have another Labour Government.

Strangely, once again, the same passion is missing when it comes to the middle class New Zealand families that pay for these minorities and their lifestyles.

Related Political Animal Video

Not that there is anything wrong with it - Video of Ms Clark at 2007 Big Gay Out
Japanese tribute to Helen Clark - Video of Clark on Japanese TV
Helen Clark does Youtube
Helen Clark stares down the barrel and lies -Ms Clark caught out over anti smacking law

c Political Animal 2008

Electoral Finance Act continues to stiffle free speech

The failure of the Electoral Finance Act is highlighted once again. The Electoral Commission are not even able to give clear advice on how to exercise the law in the example below-even the best lawyers are confused.

The Act was passed into law late in 2007 and came into effect on Jan 1 2008. It was rushed through with multiple amendments. Even the Minister responsible for it, Annette King, doesn't understand how it works.

It was passed anyway, to stop dissenting opinion against an incumbent Government, in this case the Labour Government.

An Act well engineered to be in place in Mugabe's Zimbabwe, simply because it is anti democratic and anti free speech.


By SUSAN PEPPERELL - Sunday Star Times Sunday, 24 August 2008

Lobby group the Sensible Sentencing Trust is planning to defy the Electoral Finance Act in the lead-up to the general election.

The group has decided on its course of action after receiving conflicting legal advice over whether material it intends to distribute during the election campaign contravenes the act.

Its decision highlights a common problem facing similar groups pre-election and one which has forced Family First to abandon a pamphlet drop to all households outlining the voting record of MPs on what it identifies as "important family-based legislation" such as civil unions, anti-smacking and prostitution law reform.

The groups say the act which limits advertising spending by non-political parties soliciting votes for or against a party unless they register as a third party is anti-democratic and stifling public debate.

continued

Related Political Animal reading

Electoral Finance Act March Mar 9, 2008
Electoral Finance Bill Vote
NZ losses democratic freedom
Mike Moore turns the knife
List of MPs who voted for Act
Cartoon and comment
Auckland Protest against EFBT
The purpose of the Bill is clear

c Political Animal 2008