SkyCity cuts forecasts as fire, Coronavirus hit

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’...

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