NZ's Skycity slumps most in over 3 months on forecast downgrade

Skycity Entertainment

08/12/2023 24:06

** Shares of Skycity Entertainment Group  SKC.NZ  fall as
much as 3.7% to NZ$1.8, their biggest intraday pct fall since
Sept 4
    ** The tourism and entertainment firm says they have updated
its FY24 forecast
    ** Co sees group normalised NPAT for FY24 of NZ$125 mln 
($77.03 mln) to NZ$135 mln, compared with NZ$138 mln reported in
FY23
    ** Co sees its FY24 group normalised EBITDA at between
NZ$290 mln and NZ$310 mln
    ** SKC reported FY23 group normalised EBITDA at NZ$310 mln
and had forecast a modest year-on-year increase for FY24
    ** Co says reduction in electronic gaming machine revenue
across New Zealand sites, among others have driven the change in
FY24 forecast
    ** Stock set to hit the lowest level since Nov 30
    ** Skycity stock down 21.1% YTD, as of last close
    
   ($1 = 1.6228 New Zealand dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com))