Forsyth Barr downgrades SkyCity, expects A$50m fine

SkyCity's social licence is expected to remain murky for next year. (Image: SkyCity)

Fri, 17 Feb 2023

Forsyth Barr has lowered its rating of SkyCity Entertainment to neutral from outperform on pending regulatory intervention into its Adelaide casino operations, worth about 10% of its business.In their latest research note, analysts Andy Bowley and Mark Robertson said while the company seemed "good value" on one-year forward price earnings of 13 times current levels, they were concerned about the risk of regulatory intervention.That's on the back of recently announced Australian federal court proceedings brought by regulator Austra...

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