New Zealand’s SkyCity Entertainment Group said today that it has raised its earnings guidance for the year ending 30 June 2023, with normalized EBITDA now predicted at between NZ$300 and NZ$310 million (US$188 million and US$194 million) on improved operating conditions.
Providing a FY23 business update, having previously reported net profit after tax of NZ$22.8 million (US$14.5 million) and Group EBITDA of NZ$106.3 million (US$67.4 million) for the six months to 31 December 2022, SkyCity cited a positive revenue trend from New Zealand tourism recovery, partially offset by weather events in Auckland – home to its flagship property SkyCity Auckland.
The company also noted that EGM performance was strong while table games remain subdued across all properties, while legal and compliance costs have risen – including a provision for an expected fine from Australian financial crime regulator AUSTRAC for possible AML failures at SkyCity Adelaide.
Meanwhile, international VIP business remains constrained with the company stating it is instead focusing on domestic and interstate VIP play.
SkyCity operates integrated resorts in Auckland and Adelaide plus smaller casinos in Hamilton and Queenstown.
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