{"id":29731,"date":"2022-05-10T09:19:21","date_gmt":"2022-05-10T12:19:21","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=29731"},"modified":"2026-04-23T08:51:14","modified_gmt":"2026-04-23T11:51:14","slug":"skycity-secures-debt-covenant-waivers","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/skycity-secures-debt-covenant-waivers","title":{"rendered":"SkyCity secures debt covenant waivers"},"content":{"rendered":"\n

SkyCity has secured further covenant relief to cover potential disruption of the near-term operating environment due to the Covid-19 pandemic.<\/p>\n\n\n\n\n\n\n\n

New Zealand.-\u00a0SkyCity <\/strong>has said it had secured waivers from its banking syndicate\u00a0and US Private Placement holders for the June 30 2022 testing period, and an amendment to debt covenants for the December 31 2022 testing period.\u00a0<\/p>\n\n\n\n

Despite the recent improvement in performance, SkyCity has secured this covenant relief as a precautionary measure to provide the group with a contingency should the Covid-19 pandemic cause another major disruption to the short-term operating environment.<\/p>\n\n\n\n

The casino operator stated: “During the extended wavier period, SkyCity is unable to make distributions to shareholders or secure new debt facilities. SkyCity remains committed to its dividend policy and to resuming distributions as soon as possible.”<\/p>\n\n\n\n

The company said\u00a0it was not yet able to provide detailed FY22 earnings guidance<\/strong>\u00a0despite recent improvements in trading performance. However, it said it remains optimistic about the group’s medium-term outlook, including a return to the financial year 2019 results when the business is fully operational and growing from there.<\/p>\n\n\n\n

SkyCity<\/a>\u00a0resumed operations with no capacity limits or physical distancing requirements on April 14 after authorities in New Zealand dropped the country\u2019s Covid-19 alert level to \u201cOrange\u201d under its Covid-19 Protection Framework. there was a steady increase in visitor numbers at properties in New Zealand, particularly in Auckland and Hamilton, in late March and early April.<\/p>\n\n\n\n

SkyCity\u2019s chief operating officer, Callum Mallet<\/strong>, said the company expected to hire \u201chundreds of staff\u201d as New Zealand prepared to reopen its borders for fully vaccinated foreign visitors<\/a> after two years of insulation due to the Covid-19 pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"

SkyCity has secured further covenant relief to cover potential disruption of the near-term operating environment due to the Covid-19 pandemic.<\/p>\n","protected":false},"author":176,"featured_media":24747,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"SkyCity has secured further covenant relief from its banking syndicate and US Private Placement holders, covering testing periods through December 2022, as a precautionary measure against potential COVID-19 disruptions. This relief restricts shareholder distributions and new debt facilities but supports the group's medium-term outlook, despite current inability to provide detailed FY22 earnings guidance. The operator anticipates a return to FY2019 performance levels following improved trading conditions in New Zealand.","focusai_entities":"SkyCity, Callum Mallet, banking syndicate, US Private Placement holders","focusai_location":"New Zealand, Auckland, Hamilton","focusai_target_profile":"ceo_executive (0.95), regulator (0.7), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Covenant Triggers?","query":"What specific operational metrics or market conditions would necessitate SkyCity seeking further covenant amendments beyond the current relief period?"},{"label":"Capital Allocation Impact?","query":"How does the inability to make shareholder distributions or secure new debt facilities impact SkyCity's capital allocation strategy for future growth initiatives or M&A opportunities?"}],"footnotes":""},"categories":[16336,157,158],"tags":[1137],"class_list":["post-29731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","category-slider-home","tag-skycity"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=29731"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29731\/revisions"}],"predecessor-version":[{"id":29738,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29731\/revisions\/29738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/24747"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=29731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=29731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=29731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}