{"id":777016200,"date":"2024-06-06T08:40:07","date_gmt":"2024-06-06T11:40:07","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777016200"},"modified":"2026-04-22T09:25:23","modified_gmt":"2026-04-22T12:25:23","slug":"skycity-revises-earnings-guidance-and-suspends-dividends","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/skycity-revises-earnings-guidance-and-suspends-dividends","title":{"rendered":"SkyCity revises earnings guidance and suspends dividends"},"content":{"rendered":"\n<p>Full-year EBITDA is now expected to be between NZ$280m and NZ$285m (US$176.6m).<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>New Zealand.- <strong>SkyCity Entertainment Group<\/strong> has issued a company filing updating its earnings guidance for the fiscal year 2024. The company now expects underlying group EBITDA of between NZ$280m (US$173.5m) and NZ$285m (US$176.6m) and net profit after tax (NPAT) between NZ$120m (US$74.3m) and NZ$125m (US$78.1m). It also announced the suspension of dividends for the second half.<\/p>\n\n\n\n<p>SkyCity said it revised the financial figures due to a challenging economic environment affecting customer spending, the delayed opening of the Horizon Hotel, now expected in August 2024, and a potential increase in Adelaide casino duty following the South Australian Court of Appeal\u2019s ruling on the interpretation of provisions in <a href=\"https:\/\/focusgn.com\/asia-pacific\/skycity-ordered-to-pay-additional-casino-duty\" target=\"_blank\" rel=\"noreferrer noopener\">the Adelaide Casino Duty Agreement<\/a> regarding loyalty points.<\/p>\n\n\n\n<p>The company added it expects underlying Group EBITDA for FY25 to be between NZ$250m and NZ$270m. This outlook does not include the impact of any potential temporary suspension of SkyCity\u2019s casino operator\u2019s licence in New Zealand. A private hearing on the matter is scheduled for August.<\/p>\n\n\n\n<p>SkyCity expects to pay <a href=\"https:\/\/focusgn.com\/asia-pacific\/skycity-adelaide-agrees-to-penalty-for-aml-breaches\" target=\"_blank\" rel=\"noreferrer noopener\">the AUSTRAC civil penalty<\/a> of <strong>AU$67m (US$44.5m) penalty<\/strong> in July 2024 (subject to Federal Court approval tomorrow (June 7) and has committed NZ$76m (US$47.1m) capex to complete the New Zealand International Convention Center (NICC). The company plans to release full-year results on August 22.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Full-year EBITDA is now expected to be between NZ$280m and NZ$285m (US$176.6m).<\/p>\n","protected":false},"author":176,"featured_media":18781,"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 revised its FY24 earnings guidance downwards, projecting underlying group EBITDA between NZ$280m and NZ$285m, and NPAT between NZ$120m and NZ$125m, citing economic headwinds, delayed project completion, and potential regulatory duty increases. The company also announced a suspension of H2 dividends and provided a preliminary FY25 EBITDA outlook, while awaiting a decision on its New Zealand casino licence and finalising an AUSTRAC civil penalty payment.","focusai_entities":"SkyCity Entertainment Group, AUSTRAC, Federal Court, South Australian Court of Appeal","focusai_location":"New Zealand, Australia, Adelaide","focusai_target_profile":"ceo_executive (1.0), regulator (0.9), compliance_legal (1.0), operator_casino (1.0), payments_fraud_aml (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"NZ Licence Impact","query":"What is the projected financial impact on SkyCity's FY25 EBITDA and NGR if the New Zealand casino operator's licence is temporarily suspended, and what mitigation strategies are in place?"},{"label":"Adelaide Duty Implications","query":"How will the South Australian Court of Appeal's ruling on loyalty points affect the long-term Adelaide casino duty structure and SkyCity's profitability in that jurisdiction?"}],"footnotes":""},"categories":[16336,163,158],"tags":[23632,24411],"class_list":["post-777016200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news","category-slider-home","tag-integrated-resorts","tag-skycity-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016200","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=777016200"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016200\/revisions"}],"predecessor-version":[{"id":777016203,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016200\/revisions\/777016203"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18781"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777016200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777016200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777016200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}