Crown arrests in China cast a shadow on SkyCity FY17 net profit

The spectre of Crown Resorts staffers’ arrests in China last year continues to haunt New Zealand casino operator SkyCity Entertainment Group.

In a regulatory filing, SkyCity reported on Wednesday that its net profit for the 2017 financial year tumbled 69.2 percent to NZD44.9 million (U$32.86 million) compared with NZD145.7 million ($106.7 million) the previous year.

The culprit behind SkyCity’s lackluster performance can be traced to its international turnover, which dropped 30 percent to NZD8.7 billion ($6.4 billion).

SkyCity pointed out that last year’s arrest of Crown staffers in China has driven away Chinese high-rollers from Sky’s gaming tables in Australia and New Zealand.