SkyCity Entertainment Group Limited (NZX: SKC) Earnings Guidance for FY21 Result

Friday 11th June 2021

SkyCity Entertainment Group Limited advises that, following stronger than expected recent trading, it is now in a position to provide detailed guidance for the financial period.

SkyCity has continued to see strong performance from its local gaming businesses in New Zealand, particularly from electronic gaming machines, and consistent performances from both SkyCity Adelaide post opening of the expansion from December 2020 and the offshore online casino (SkyCity Malta).

SkyCity’s tourism-related businesses in New Zealand and South Australia continue to be impacted by ongoing international border closures (excluding the Trans-Tasman border which re-opened on 19 April 2021), but are benefitting from positive domestic tourism, particularly on weekend and holiday peaks.

Subject to no property closures prior to 30 June 2021, SkyCity expects FY21 Group normalised EBITDA of between $247-253 million and FY21 Group normalised NPAT of between $84-88 million.

Due to ongoing uncertainty arising from the timing of the New Zealand International Convention Centre/Horizon Hotel reinstatement and potential for other accounting adjustments required as part of FY21 results, SkyCity is unable to provide guidance for reported (statutory) results at this time.

Based on its earnings guidance for FY21, SkyCity expects to comfortably meet its financial covenants for the 30 June 2021 testing period and pay a final dividend during September 2021, consistent with the revised dividend policy announced at the time of its 1H21 result. SkyCity intends to release its FY21 result on 25 August 2021.

Please see the links below for details

Cover Letter

Market Release

Source: SkyCity Entertainment Group Limited

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