NZ's Skycity drops as Macquarie lowers PT, earnings estimates

Skycity Entertainment

23/05/2024 04:24

** Shares of New Zealand's Skycity Entertainment  SKC.NZ 
fall as much as 4.4% to NZ$1.76, set for their biggest intraday
drop since Dec. 2023
    ** Analysts at Macquarie lower price on the casino operator
to NZ$2.45 from NZ$2.75
    ** Forecasts FY24 EBITDA at lower end of NZ$290 mln ($177.34
million) to NZ$310 mln estimated range
    ** Lowers EBITDA estimates by 5% for FY25 and FY26 with a
more cautious view on costs and a delay to the firm's opening of
Horizon hotel
    ** Stock has risen 1.1% this year, as of last close 


($1 = 1.6353 New Zealand dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))