SkyCity earnings recovering faster than expected: S&P

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.