NZ's SkyCity cuts annual profit outlook as economic woes, higher costs bite

Skycity Entertainment

05/06/2024 21:53

June 6 (Reuters) - New Zealand's SkyCity Entertainment
 SKC.NZ  cut its annual profit forecast and suspended dividends
until fiscal 2026 on Thursday as the casino operator reels under
tough operating conditions amid a potential uptick in Adelaide
casino duty expense. 
    SkyCity slashed its net profit after tax forecast for the
year to between NZ$120 million ($74.28 million) and NZ$125
million from NZ$125 million and NZ$135 million projected
earlier. 
    The firm also said it would suspend dividends for second
half of this year and the whole of next year. 
    
     

($1 = 1.6155 New Zealand dollars)

 (Reporting by Prerna Bedi in Bengaluru; Editing by Alan Barona)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))