{"id":777011751,"date":"2023-12-08T11:10:13","date_gmt":"2023-12-08T14:10:13","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777011751"},"modified":"2026-04-22T14:52:10","modified_gmt":"2026-04-22T17:52:10","slug":"skycity-lowers-forecast-for-2024","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/skycity-lowers-forecast-for-2024","title":{"rendered":"SkyCity lowers forecast for 2024"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The gaming company has downgraded its full-year profit forecast.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">New Zealand.- <strong>SkyCity Entertainment Group Limited<\/strong> expects its full-year operating earnings to be below or flat on last year. The company forecast <strong>normalised earnings before tax (EBITDA)<\/strong> for the year ended June of between NZ$290m (US$$178.6m) and NZ$310m (US$190.9m), compared with last year&#8217;s NZ$310m and its October update of a &#8220;modest year-on-year increase.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It noted weaker-than-expected performance in <strong>Adelaide <\/strong>based on a lower revenue outlook with continued legal and compliance cost pressure. It has seen a reduction in electronic gaming machine revenue across New Zealand due to cost-of-living pressures and economic uncertainty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>See also:<\/strong> <a href=\"https:\/\/focusgn.com\/asia-pacific\/skycity-ceo-michael-ahearne-to-step-down\" data-type=\"link\" data-id=\"https:\/\/focusgn.com\/asia-pacific\/skycity-ceo-michael-ahearne-to-step-down\" target=\"_blank\" rel=\"noreferrer noopener\">SkyCity CEO Michael Ahearne to step down<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company also cites a delay in settlement of the termination of the Auckland car park concession agreement with MPF Parking NZ (Macquarie), resulting in lower car park earnings; and an accelerated investment in the group\u2019s New Zealand online gaming operations ahead of potential regulation of that market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It said the forecast did not include an allowance for a possible suspension of its local licence for an alleged breach of responsible gambling rules. SkyCity said it expects group normalised net profit after tax for 2024 of NZ$125m to NZ$135m.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The gaming company has downgraded its full-year profit forecast.<\/p>\n","protected":false},"author":226,"featured_media":32939,"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 Group has downgraded its full-year profit forecast, citing weaker performance in Adelaide due to lower revenue and increased legal\/compliance costs, alongside reduced electronic gaming machine revenue in New Zealand from economic pressures. The revised outlook also reflects delays in a car park concession settlement and accelerated investment in its New Zealand online gaming operations, with a significant unquantified risk of a licence suspension for responsible gambling breaches.","focusai_entities":"SkyCity Entertainment Group Limited, Michael Ahearne, MPF Parking NZ, Macquarie","focusai_location":"New Zealand, Adelaide, Auckland","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.95), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"NZ Online Gaming Regulation?","query":"What specific regulatory frameworks are anticipated for the New Zealand online gaming market, and how will SkyCity's accelerated investment position it for compliance and market entry?"},{"label":"Licence Suspension Impact?","query":"What is the estimated financial impact of a potential licence suspension for responsible gambling breaches, and what mitigation strategies are being implemented to address this critical governance risk?"}],"footnotes":""},"categories":[16336,163],"tags":[24411],"class_list":["post-777011751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news","tag-skycity-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011751","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\/226"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777011751"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011751\/revisions"}],"predecessor-version":[{"id":777011770,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011751\/revisions\/777011770"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/32939"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777011751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777011751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777011751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}