Rise in online gambling helps mitigate losses as an increase in performance turn to profit in a short amout of time.
Lockdown has certainly impacted many companies worldwide and casinos aren’t the exception here. It’s business model requires huge gatherings of people under the same roof after all.
Casino operator SkyCity Entertainment which is the biggest tourism and entertainment company in New Zealand and is based in Auckland, has downgraded its earnings expectations, with openings programmed for later in the year (if COVID-19 allows it).
However, the company launched a Malta-based base of operations centered around online gambling a little over a year ago racking up 35,000 new customers and just started to show green numbers in April this year.
Even though they’re barely starting to immerse themselves into the online venue, they’ve already acknowledged the increasing performance and it’s positive impact on the company while also admitting that it’s but an extension to what their land-based operations mean for business.
A statement issued by SkyCity in it’s full-year results says, “The launch … is an important step on the journey of pursuing opportunities to grow and diversify our earnings”.
It’s clear that in the state that the world is right now, digital media, networking, and online platforms have saved lots of companies from massive losses or straight up bankruptcy.
