SkyCity Expecting 33% Earnings Increase in 2021

Casino operator SkyCity Entertainment Group recently announced its plans to push up operating earnings and net profit after a 33% rise on last year’s trading. The company, listed on the New Zealand Stock exchange and the Australian financial market, made normalized EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) last year of $200.7m but said that it expects the raise to be from $247m to $253m. That would be up 26 percent if it meets the top of that range.

After-tax, the normalized net profit last year was $66.3m, but analysts and financial experts expect the figures to rise from $84m to $88m. Compared to the June 30th, 2020 result, that would be a potential 33% rise. Regarding local gaming businesses in New Zealand, the company announced a strong performance. This resulted from the December expansion projects at SkyCity Adelaide and the rising popularity of electronic gaming machines. Another contributing factor to the increase is SkyCity Malta, which offers a full suite of casino games, slots, and virtual sports.

International border closures continue to impact SkyCity’s tourism-related businesses in New Zealand and South Australia. This excludes the Trans-Tasman (Australia New Zealand) border, which re-opened on 19 April 2021. The company further reported that weekends and holiday peaks positively impacted domestic tourism. Subject to no property closures before the end of July 2021, the company expects FY21 group normalized EBITDA of between $247m-253m, and FY21 group normalized NPAT (net profit after tax) of between $84m-88m.

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