Good Morning. Diluting a whiskey can help bring out its textures. That may be the approach SkyCity is taking towards the $140 million equity raise that it’s advancing despite some shareholder trepidation. The group aims to raise funds for ongoing projects expected to deliver strong returns, even as fiscal 2025 results were fairly solid. Moving to the Philippines, Suntrust is reassuring investors that there is no cause for concern, as it aims to reverse its deficit by gains from the completion of its Westside City project. And in the online world, PAGCOR’s Chairman says that online gaming spend has halved since the central bank banned e-wallet providers from allowing gambling-related links.
What you need to know
- SkyCity is pushing ahead with a $140 million equity raise, despite some pushback, even as it sees positive results for fiscal 2025.
- Suntrust rules out material uncertainty related to going concern despite $85 million deficit, based on expected returns from Westside City.
- PAGCOR Chairman says online gaming spend fell by 50 percent following the ban on e-wallets advertising gambling.
On the radar
- Iris raises offer for Reef Casino Trust to $119.1M.
- Genting Malaysia’s US asset sale to help ease debt: CreditSights.
- Wynn Macau finalizes $1B senior notes offering.
- Sands China launches NBA ticket sales in major non-gaming push.
- Wynn Macau sets progressive dividend policy amid market share concerns.
AGB Intelligence
NEW ZEALAND/AUSTRALIA
SkyCity pushing ahead with equity raise to improve financial stability
SkyCity Entertainment Group has decided to go ahead with a $140 million equity raise, in order to improve financial stability amongst difficult market conditions. The move comes despite some pushback from shareholders but aims to help finance ongoing projects with strong expected returns. The funding round comes even as its fiscal 2025 results were stable, with strong increases to EBITDA and profit, despite a slight downturn in overall revenue.
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