SkyCity Entertainment’s earnings are recovering faster-than-expected from the Covid crisis, said Standard & Poors in a note raising its credit outlook to stable from negative.
“We anticipate earnings in the fiscal year ending June 30, 2021, will recover to at least 75% of fiscal 2019 levels,and approach near normalized levels in fiscal 2022,” it said.
“The improvement will likely be supported by the strong recovery in gaming and non-gaming revenue, primarily at the company’s Auckland and Adelaide assets.”
New Zealand’s SkyCity was the first major operator in the Asia Pacific region to reopen its doors after the crisis.
SkyCity Entertainment's earnings are likely to make a solid recovery in the fiscal 2021 year, ending in June, to at least 75 percent of 2019 levels, Standard & Poor's said in a note.
SkyCity Entertainment Group has announced the appointment of Nirupa George to the role of chief corporate affairs office, effective from June 21, 2021.
New Zealand's SkyCity Entertainment said it will cease all activities with junkets following a strategic review of its business and will instead deal with international customers directly.
SkyCity Entertainment Group has announced that it intends to appoint Silvana Schenone, Julian Cook, and Chad Barton as non-executive directors to the SkyCity Board.
Long-time director Bruce Carter, who oversaw the expansion of SkyCity Adelaide, has retired from the SkyCity board of directors.
SkyCity Entertainment Group chief executive Michael Ahearne says the future lies in online and land-based gaming convergence, a comment he has made after two years of leading the company’s online efforts.
SkyCity Entertainment said its Auckland casino will be allowed to reopen from Sunday, March 7, with physical distancing requirements in place, after New Zealand moved the city to Alert level 2.
SkyCity Entertainment has advised that from midnight this evening, it will be closing its Auckland casino and entertainment facilities and implementing physical distancing and hygiene requirements at its Hamilton and Queenstown properties in response to the policies of the New Zealand government.
SkyCity Entertainment has announced that Richard Smyth, currently Deputy Chief Financial Officer, will become Acting Chief Financial Officer from February 27 to April 19.
SkyCity Entertainment said its Auckland property will be able to operate without restrictions on mass gatherings from Tuesday, 23 February after the government moved the Covid-19 alert to level 1 from level 2.