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Proposed New Zealand Anti-Smoking Law Sends Sky City Shares Plunging19 March 2003NEW ZEALAND – As reported by the New Zealand Press Association: ``Tougher than expected proposals to ban smoking in bars and casinos has seen more than $130 million in the value of Sky City Entertainment shares go up in smoke today. ``The operator of casinos in Auckland, Hamilton and Queenstown saw its share price plunge 66 cents to $8.10 close to midday today -- a drop of 7.5 per cent. ``Brokers said the surprisingly strong anti-smoking law proposal was to blame. ``A parliamentary health select committee yesterday tabled a report which said ventilation would not provide enough protection for employees from second-hand smoke. Instead, it proposed a total ban on smoking in bars and casinos. ``…The public consultation process is complete and it is now up to MPs to make any further changes. With the Labour and Green parties supporting, it is considered likely to pass into law largely as the select committee has recommended. Scope for further lobbying by the hospitality industry is limited…" |