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Highlights
- SkyCity has stated that local gaming business has improved in recent past as Covid-19 induced restrictions have been eased.
- Non-gaming businesses have also recovered with increase in tourism traffic.
- On the ASX, all eleven sectors were trading sharply down as of 11 AM AEST.
Gaming entertainment company, SkyCity Entertainment Group Limited (ASX:SKC), on Tuesday, stated that the company has witnessed a stronger than expected trading and now that there is an increased certainty towards its full year results, SKC is now in a position to share its earnings guidance for FY2022, ending 30 June.
The company also stated that after relaxation in Covid-19 restrictions, SkyCity has reportedly seen a robust performance by its local gaming businesses, especially in New Zealand. The company also said that its non-gaming business is also rebounding, driven by the recovery of domestic tourism during the holidays or weekends due to the opening of borders.
Backed by recent solid trading and a surge in certainty around full-year results, the casino company has shared the earnings guidance for the financial year 2022 (FY22). SkyCity’s financial year ends on 30 June 2022.
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Meanwhile, at 11:40 AM AEST, shares of SkyCity were spotted trading 3.112% down from their previous close to trade at AU$2.490 apiece. The shares were performing in line with the benchmark index, ASX 200 Consumer Discretionary (XDJ), which was down by 4.695% at the same time.
On Tuesday (14 June), all ASX sectors were bleeding red. The information technology sector was the worst-performing sector, with a fall of 8.10%. The Australian stock market slipped following the fear of recession which is pounding global markets.
Details of the FY22 earnings guidance
Considering the current recovery in the business performance, the group expects to deliver normalised EBITDA in the range of NZ$135 to NZ$140 million. The expected range of normalised NPAT is NZ$3.5 to NZ$7 million.
In an announcement to ASX, the company informed its investors that it is not in the position to share the guidance for statutory results today (14 June 2022) because of uncertainty present around the ‘potential accounting adjustments’ to be conducted as part of the full-year result process.
Image source: © BCritchley | Megapixl.com
About SkyCity
SkyCity is dual listed on ASX and NZX. It is a large entertainment, leisure and tourism company headquartered in Auckland, New Zealand. The company operates integrated entertainment complexes in Australia and New Zealand, each featuring bars, premium restaurants and gaming facilities. The customer base of SkyCity is largely international and domestic visitors.
SkyCity launched an online casino in August 2019. It is a logical extension of the company’s land-based casino operations.
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