Operator News
New Zealand – Weekend slots helping drive better than expected results for SkyCity
By Phil - 14 June 2021
Following strong performance from electronic gaming machines at SkyCity Adelaide and from its offshore online casino SkyCity Malta, New Zealand’s SkyCity Entertainment says it will deliver better than expected results for its full year set to be announced in August.
The company stated: “SkyCity has continued to see strong performance from its local gaming businesses in New Zealand, particularly from electronic gaming machines, and consistent performances from both SkyCity Adelaide post opening of the expansion from December 2020 and the offshore online casino, SkyCity Malta.
“SkyCity’s tourism-related business in New Zealand and South Australia continue to be impacted by ongoing international border closures, excluding the Trans-Tasmanian border, which re-opened on April 19, but are benefiting from positive domestic tourism, particularly on weekend and holiday peaks.”
“Subject to no property closures prior to June 30, SkyCity expects FY21 Group normalised EBIDTA of between $247-253m and FY21 Group normalised NPAT of between $84 to $88m. Due to ongoing uncertainty arising from the timing of the New Zealand International Convention Centre/Horizon Hotel reinstatement and potential for other accounting adjustments required as part of the FY21 results, SkyCity is unable to provide guidance for reported results at this time,” it added.
Based on its earnings guidance for FY21, SkyCity expects to comfortably meet its financial covenants for the June 30 2021 testing period and pay a final dividend during September 2021, consistent with the revised dividend policy announced at the time of its 1H21 result.
