The SKYCITY Entertainment Group Ltd (ASX: SKC) share price has raced out of the blocks in 2020.
The New Zealand entertainment group has seen its shares surge 9.07% higher since the start of the new year to a new 52-week high of $3.97 per share. Skycity shares are currently trading just below that high, sitting at $3.94 per share at the time of writing.
So, what's fuelling these capital gains and is there still time to buy SkyCity shares for more growth?
Why the SkyCity share price is rocketing higher
Interestingly, there have been no ASX announcements from the group since 27 December 2019.
That hasn't stopped the SkyCity share price from surging higher to start the year, including a 1.79% gain in yesterday's trade.
The diversified hospitality, gaming and recreation group has been quietly performing well in recent months.
The group's November 2019 Investor Day provided valuable insight into the headwinds and tailwinds facing the company in 2020.
Major infrastructure projects in South Australia have boosted economic growth and spending. That's been a big plus for SkyCity given weak earnings from its Adelaide Casino in recent years.
A fire in the group's New Zealand International Convention Centre (NZICC) also hit the SkyCity share price in late October.
Despite its struggles, the group's shares are still up 17.96% in the last 12 months. That's more than can be said for wagering rival Crown Resorts Ltd (ASX: CWN), which has seen its share price stagnate and is up just 1.32% in the same time.
Is there still time to buy in 2020?
Obviously there are some investors that like the SkyCity share price's prospects in 2020.
The New Zealand entertainment group boasts a market cap of $2.65 billion, which is similar to the lower-ranked ASX 100 companies.
SkyCity shares are also yielding 4.78% per annum at the moment, which could mean it is a handy dividend buy right now.
I would personally rather hold SkyCity shares than Crown at the moment, but I am wary of the Consumer Discretionary sector's vulnerability to an economic downturn.
