SkyCity Entertainment’s share price free-falls 22.5% due to Coronavirus fears.<\/p>\n\n\n\n\n\n\n\n
New Zealand.- SkyCity Entertainment\u2019s share price fell from its one year peak of $4.13 on January 15 to close at $3.20 on Friday, a significant fall of 22.5%. <\/p>\n\n\n\n
New Zealand and international stock markets are in trouble as fears over the ongoing impact of the Coronavirus outbreak impacts the gaming and hospitality sectors. <\/p>\n\n\n\n
The NZ market has fallen 3.6 percent in the last month, a smaller dip when compared to other markets around the world.<\/p>\n\n\n\n
According to a table supplied by broker Craigs Investment Partners, the MSCI World Index has fallen 9.8 percent in the last month, with the Dow Jones down 11.5 percent and the Hang Seng index down 6.5 percent.<\/p>\n\n\n\n
Air New Zealand\u2019s share price is down 20.8 percent due to the reduction of flights to several Asian routes including Korea, Taiwan, and Singapore, and the cancellation of flights to China.<\/p>\n\n\n\n
SkyCity was starting to feel the impact of the Coronavirus crisis, when it announced its December results last month. This was in addition to other factors negatively impacting its international business, a market segment vital to its overall success.<\/p>\n\n\n\n
The company said then it was reducing its expected turnover in IB for the year from a forecast NZ$14 billion ($8.5 billion) to NZ$10 billion ($6.1 billion) equating to a $25 million drop in EBITDA.<\/p>\n\n\n\n
SkyCity\u2019s share price is down 15.8 percent from the same date a year ago and its shares opened this morning at $3.20 unchanged from Friday\u2019s close.<\/p>\n","protected":false},"excerpt":{"rendered":"
SkyCity Entertainment’s share price free-falls 22.5% due to Coronavirus fears.<\/p>\n","protected":false},"author":2,"featured_media":4019,"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 Entertainment's share price experienced a significant 22.5% decline, closing at $3.20, primarily driven by escalating Coronavirus fears impacting the gaming and hospitality sectors. This market reaction follows SkyCity's revised international business turnover forecast, reducing expected EBITDA by $25 million, reflecting broader global market volatility.","focusai_entities":"SkyCity Entertainment, Craigs Investment Partners, MSCI World Index, Dow Jones, Hang Seng index, Air New Zealand","focusai_location":"New Zealand, Korea, Taiwan, Singapore, China","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on IB Strategy","query":"How might SkyCity Entertainment's revised international business (IB) turnover forecast and subsequent EBITDA reduction influence its long-term capital allocation and market expansion strategies in Asia?"},{"label":"Sector-wide Contagion Risk","query":"What are the potential contagion risks for other publicly traded iGaming and hospitality operators, particularly those with significant Asian market exposure, given SkyCity's share price depreciation and operational forecast adjustments?"}],"footnotes":""},"categories":[160,16336,163,158],"tags":[7299,338],"class_list":["post-4014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-australasia-news","category-finance-news","category-slider-home","tag-coronavirus","tag-new-zealand"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/4014","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=4014"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/4014\/revisions"}],"predecessor-version":[{"id":4037,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/4014\/revisions\/4037"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/4019"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=4014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=4014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=4014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}