The Australian Transaction Reports and Analysis Centre has landed on a AUD 67 million civil penalty in relation to SkyCity Adelaide’s historical failure to comply with anti-money-laundering rules. The fine itself—about NZD 73 million—is a little better than our NZD 79 million expectation, but not materially so. More prominently, the fine now reduces some of the uncertainty hanging over the company.
Long-dated exclusive licences to operate the only casino in Auckland and Adelaide allow SkyCity to enjoy economic returns in a regulated environment.
At over NZD 1 billion, SkyCity's capital expenditure program is unprecedented in scale and scope, giving rise to significant execution risks.
|
Metric
|
SKC
|
WYNN
|
SGR
|
|---|---|---|---|
Price/Earnings (Normalized) | 14.37 | 17.93 | 3.99 |
Price/Book Value | 0.83 | — | 0.61 |
Price/Sales | 1.45 | 1.56 | 0.58 |
Price/Cash Flow | 6.85 | 7.44 | — |
|
Metric
|
SKC
|
WYNN
|
SGR
|
|---|---|---|---|
Quick Ratio | 0.64 | 1.35 | 0.66 |
Current Ratio | 0.73 | 1.43 | 0.85 |
Interest Coverage | 2.10 | 1.41 | −11.36 |
|
Metric
|
SKC
|
WYNN
|
SGR
|
|---|---|---|---|
Return on Assets (Normalized) | 1.58% | 8.85% | −5.90% |
Return on Equity (Normalized) | 2.88% | — | −10.16% |
Return on Invested Capital (Normalized) | 1.80% | 13.75% | −4.53% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
LVS
| Las Vegas Sands Corp | Rxljhrddnm | Tjzpnjk | $35.0 Bil | |
GXYYY
| Galaxy Entertainment Group Ltd ADR | — | Brynbt | $22.4 Bil | |
GXYEF
| Galaxy Entertainment Group Ltd | — | Bvtdnyb | $22.4 Bil | |
SCHYF
| Sands China Ltd Shs Unitary 144A/Reg S | — | Srzxf | $21.8 Bil | |
SCHYY
| Sands China Ltd ADR | — | Jfjrz | $21.8 Bil | |
MGM
| MGM Resorts International | Jbvhjwjw | Gvvf | $12.9 Bil | |
WYNN
| Wynn Resorts Ltd | Xsgjzwtm | Clzwxh | $10.8 Bil | |
CZR
| Caesars Entertainment Inc | Plrrkppcdk | Xgw | $7.7 Bil | |
MLCO
| Melco Resorts and Entertainment Ltd ADR | Wpjxjwyn | Hwwfys | $3.8 Bil | |
PENN
| PENN Entertainment Inc | Wnzwkyt | Zhtq | $2.4 Bil |
