SkyCity expecting modest growth in FY18

Casino operator SkyCity Entertainment Group says it expects “modest growth” for the 2018 financial year, based on year-to-date figures.

Normalized revenue for the first four months of the financial year rose 1.7 percent - due in part to a 3.1 percent gain from its domestic business, said the company in a UBS Investor Conference on Monday.

SkyCity said its NZ properties have been doing well, particularly in Auckland.

The operator said it also has seen improved premium gaming activity in Adelaide following the implementation of new gaming concessions.

However, it noted that the trading environment remains soft for its Darwin property.

“Based on YTD performance, remain on-track to achieve modest growth in group EBITDA in FY18, in-line with previous guidance,” said the company.

More news from this jurisdiction

New Zealand, AustraliaFriday, Oct 20, 2017

There is renewed speculation that SkyCity may put its troubled Darwin casino up for sale after comments from SkyCity’s new chief executive at an AGM in Auckland.

Australia, New ZealandTuesday, Jun 21, 2016

Australian wagering giant is reportedly looking to launch a takeover bid for the management rights of the fixed odds business of New Zealand’s TAB, the Australian Financial Review’s Street Talk reports.

New Zealand, AustraliaMonday, Apr 11, 2016

Casino operator SkyCity Entertainment Group says it is not opposed to a takeover approach from Australia’s Star Entertainment, but will not instigate talks.

New Zealand, AustraliaThursday, Apr 07, 2016

New Zealand’s SkyCity Entertainment is considering selling a number of assets, including its under-performing Darwin casino.

Australia, New ZealandWednesday, Aug 26, 2015

Standard & Poor's Ratings Services has assigned its 'BBB-' rating to SkyCity Entertainment's NZ$100 million ($64.8 million) seven-year bonds.

Australia, New ZealandThursday, Mar 26, 2015

The Australian and New Zealand market is poised to see strong growth in its VIP gaming market this year, benefiting from Macau’s downturn, according to a report by Morgan Stanley Research analysts.

AustraliaTuesday, Nov 21, 2017

Australian casino operator Crown Resorts has announced the appointment of two new non-executive directors, Jane Halton and Toni Korsanos to the Crown board.