SkyCity Entertainment has updated its trading guidance for the 2024 financial year, citing lower revenue from electronic gaming machines, a weaker performance in its Adelaide property, and a delay in the settlement of a car park concession agreement.
The company now expects group normalised earnings before interest, taxes, depreciation, and amortisation (EBITDA) to be between $290 million and $310 million for FY24.
This is a decrease from the previous guidance of a modest year-on-year increase in EBITDA.
SkyCity also expects group normalised net profit after tax (NPAT) to be in the range of $125 million to $135 million.
The updated guidance does not take into account the potential impact of a temporary suspension of SkyCity's casino operator's licence in New Zealand, which is currently being considered by the Gambling Commission.
The company will provide more details on the factors driving the earnings change in its interim result release in February 2024.
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