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SkyCity cuts FY24 earnings guidance as Adelaide casino duty appeal proceeds

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SkyCity Entertainment Group lowered its FY24 underlying EBITDA forecast to NZ$280m–NZ$285m and its net profit after tax forecast to $120m–$125m, citing economic conditions, delays to the Horizon Hotel and potential Adelaide casino duty costs. The High Court of Australia granted SkyCity Adelaide special leave to appeal over how loyalty points affect casino duty; a full hearing is expected later this year, the company said.

Lower forecasts and the unresolved casino-duty appeal create earnings uncertainty and potential cost exposure for SkyCity.

End-of-day close SkyCity (SKC), NZD, to 19 July 2024
Story date22 April 202419 July 2024

Latest reported results

SkyCity NZX: SKC

Financial year ended 30 June 2026

Revenue
NZD 813.7m
Operating income
NZD 20.0m

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SkyCity proposes Lauren Quaintance for board director role

SkyCity Entertainment Group announced a proposed appointment of Lauren Quaintance as a non-executive director. The appointment requires regulatory approval in each gaming jurisdiction where SkyCity operates; until those approvals arrive, she may assist the board in an advisory capacity.

Lauren Quaintance has been proposed as a new non-executive director on the board of SkyCity, the company said. Regulators in every gaming jurisdiction where SkyCity operates must still sign off on the appointment.

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