SkyCity (SKC) saved by online, Adelaide
SkyCity Entertainment (SKC) +7.36%
One of the reporting season stragglers, SkyCity operate 3 casinos in NZ as well as one in Adelaide. Profit took a hit given its exposure to NZ where lockdowns were far more stringent than ours, falling nearly 60% in the year to $NZ66.3m, though this was 7.5% better than analysts had pencilled in. Even better was guidance – EBITDA for FY21 is expected to come in higher than FY20 which came in at $200.7m, already ahead of the markets expected FY21 print of $190.6m. Key to the forecast is the Adelaide casino which is running cashflow positive since re-opening in late June as well as an influx of users on the NZ online casino offering.
SkyCity Entertainment (SKC) Chart
