SkyCity reports FY22 earnings guidance

SkyCity Entertainment has reported earnings guidance for the financial year ending 30 June 2022.

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The operator made the announcement in a Tuesday filing following “stronger than expected recent trading and increasing certainty around its full year result.”

Subject to there being no material changes to the group’s current operating settings before 30 June 2022, SkyCity reported that it expects normalised EBITDA of between AU$135m-AU$140m (US$94m-US$97m), and group normalised profit after tax (NPAT) of between AU$3.5m-AU$7m.

“Following recent relaxation of Covid-19 operating restrictions, SkyCity has seen strong performance from its local gaming businesses, particularly in New Zealand,” a statement from the operator read.

“SkyCity’s non-gaming businesses continue to recover, benefitting from positive domestic tourism, particularly during weekend and holiday periods, and the reopening of international borders.”

The company also noted that due to the uncertainty around the potential accounting adjustments required as part of the FY22 process, it is unable to provide guidance for statutory results at this time.

SkyCity added that it intends to release its FY22 financial results on 25 August 2022.

The operator’s flagship casino, SkyCity Auckland, had been closed for a lengthy period during the six months to 31 December 2021 due to Covid-19 restrictions, with SkyCity Hamilton and SkyCity Queenstown also closed at various stages of the height of the pandemic.

In February 2022, SkyCity reported an 86% decline in EBITDA and a 143% decline in NPAT for the six months to 31 December 2021, with its performance “materially impacted by Covid-19 disruptions.”

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