Operator News
New Zealand – SkyCity expects to be back in profit at end of June
By Phil - 14 June 2022
New Zealand casino operator SkyCity Entertainment Group believes it will be back in profit by the end of June 2022, citing better than expected business volumes since COVID-19 limitations were lifted.
It said: “Sky City advises that following stronger than expected recent trading results and increasing certainty around its full year result, it is now in a position to provide earnings guidance for the financial year ending June 30 2022. Following the recent relaxation of operating restrictions, SkyCity has seen strong performance from its local gaming businesses, particularly in New Zealand. SkyCity’s non-gaming businesses continue to recover, benefiting from positive domestic tourism – particularly during weekend and holiday periods and the reopening of international borders.”
“Subject to there being no material changes to SkyCity’s current operating settings before June 30, SkyCity expects group normalised EBITDA of NZ$135m to NZ$140m and group normalised profit of NZ$3.5m to NZ$7m.”
The six months to December 31 2021, saw a 143 per cent fall in profit to NZ$33.7m. SkyCity Auckland was closed for a 107 days during this time with SkyCity Hamilton and SkyCity Queenstown also shut due to COVID at various times.
