SkyCity Entertainment, New Zealand’s only listed gaming company, has cut forecasts for the year and says the near-term outlook is gloomy, as it grapples with the aftermath of a fire in a key project and now the impact of the Coronavirus.
The operator, which has properties in both New Zealand and Australia, hit the headlines in October after a fire devastated the Auckland International Convention Centre, whose completion will now be delayed until 2022.
The company reported a more than 16 percent drop in normalized profits in the half year to December 31, which reflect the impact of the fire, but do not yet factor in the Coronavirus.
The effects of the virus on inbound travel from Asia to New Zealand and Australia are still to be fully felt, although the company acknowledges that it has already seen some damage with international business described as “weak.”
Chief Executive Graeme Stephens told an analysts’...
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.