New Zealand’s SkyCity Entertainment Group says it expects to report normalized EBITDA of between NZ$247 million to NZ$253 million (US$178 million to US$182 million) and normalized profit after tax of NZ$84 million to NZ$88 million (US$60 million to US$63 million) for the year ending 30 June 2021, aided by strong domestic recovery at its New Zealand and Australian casinos.
Having previously refrained from issuing earnings guidance for the current financial year, SkyCity said Friday morning that it was now in a position to do so following stronger than expected recent trading.
In particular it said slot machines at its New Zealand properties had rebounded strongly while both SkyCity Adelaide and offshore online gaming arm SkyCity Malta had produced consistent performances.
“SkyCity’s tourism-related businesses in New Zealand and South Australia continue to be impacted by ongoing international border closures (excluding the Trans-Tasman border which reopened on 19 April) but are benefitting from positive domestic tourism, particularly on weekend and holiday peaks,” the company said.
As a result, SkyCity outlined its expected improved performance for FY21, having previously reported normalized EBITDA of NZ$153.3 million (US$110 million) and normalized profit after tax of NZ$75 million (US$54 million) for the year ended 30 June 2020.
SkyCity also said it expects to comfortably meet its financial covenants for the 30 June 2021 testing period and therefore pay a final dividend in September.
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