Following completion of the first five months of FY2024, New Zealand’s SkyCity Entertainment Group has lowered its full year guidance to normalised EBITDA of between NZ$290m and NZ$310m.
SkyCity now expects Group normalised profit after tax for FY24 of between NZ$125m and NZ$135m. It had previously predicted a ‘modest increase’ but now highlights that EGM revenue at its New Zealand casinos has fallen alongside lower than expected revenues at SkyCity Adelaide due to ongoing regulatory pressures.
It also highlighted ‘continued cost-of-living pressures and economic uncertainty, which is impacting discretionary consumer spending.’
“Whilst potential regulation remains at an early stage, SkyCity is optimistic about the medium-term earnings opportunity this offers the Group,” it said. “Due to the uncertainty around the potential adjustments required as part of SkyCity’s accounting processes, SkyCity is unable to provide an update for FY24 statutory results at this time.”