the Adelaide Casino Duty Agreement<\/a>\u00a0regarding loyalty points. The company plans to release full-year results on August 22.<\/p>\n\n\n\nS&P affirms SkyCity BBB- rating<\/h2>\n\n\n\n
S&P Global Ratings has maintained SkyCity Entertainment Group\u2019s BBB- long-term issuer credit rating and BBB- long-term issue ratings on the company\u2019s debt. It forecasts that credit metrics will weaken in fiscal years 2024 and 2025 but will stay within the tolerances of the current ratings.<\/p>\n\n\n\n
It said: \u201cThe stable outlook reflects our view that SkyCity is taking creditor-friendly actions to avoid downward pressure on the rating by prioritizing debt reduction over the next two fiscal years.\u201d<\/p>\n\n\n\n
S&P adjusted its earnings forecast for SkyCity downwards, noting subdued economic conditions in New Zealand leading to decreased revenues in both gaming and non-gaming sectors. The debt-to-EBITDA ratio is expected to peak at 2.9x in fiscal 2024s, with proactive debt reduction measures anticipated to improve the ratio to 2.0x by fiscal 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"
The hotel is connected to the upcoming New Zealand International Convention Center and the SkyCity Auckland Precinct.<\/p>\n","protected":false},"author":176,"featured_media":14896,"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 completed its Horizon Hotel in Auckland, set to open August 1, as part of its broader precinct development. Concurrently, the company revised its FY2024 earnings guidance downwards and suspended dividends, citing a challenging economic climate, hotel opening delays, and potential increased casino duty in Adelaide. S&P Global Ratings affirmed SkyCity's BBB- credit rating, noting anticipated credit metric weakening but stable outlook due to proactive debt reduction strategies.","focusai_entities":"SkyCity Entertainment Group, S&P Global Ratings","focusai_location":"New Zealand, Auckland, South Australia, Adelaide","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), compliance_legal (0.85), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Debt Reduction Strategy","query":"What specific \"creditor-friendly actions\" beyond dividend suspension is SkyCity implementing to achieve the projected debt-to-EBITDA ratio of 2.0x by fiscal 2026, and what is the anticipated impact on capital expenditure for other growth initiatives?"},{"label":"Adelaide Duty Impact","query":"What is the estimated financial impact of the South Australian Court of Appeal\u2019s ruling on the Adelaide Casino Duty Agreement regarding loyalty points on SkyCity's NGR and future profitability, and what mitigation strategies are being considered?"}],"footnotes":""},"categories":[16336,157],"tags":[24411],"class_list":["post-777016888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-skycity-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016888","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=777016888"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016888\/revisions"}],"predecessor-version":[{"id":777016918,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016888\/revisions\/777016918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/14896"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777016888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777016888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777016888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}