SkyCity revises full-year guidance amid macro pressures

The company has lowered its EBITDA outlook.

New Zealand.- SkyCity Entertainment Group has revised its financial guidance for full-year 2026, citing macroeconomic challenges impacting consumer discretionary spending in New Zealand and Australia. The operator now expects underlying EBITDA to range between NZ$180m and NZ$190m (approximately US$108m–US$114m), down from previous guidance of NZ$190m to NZ$210m (US$114m–US$126m).

Reported EBITDA is now projected to fall between NZ$155m and NZ$165m (US$93m–US$99m), compared to an earlier range of NZ$170.6m to NZ$190.6m (US$102m–US$114m).

According to the company, trading and visitation have been affected by rising fuel prices since March, with the most significant impacts observed at its Auckland and Adelaide properties. Operations in Hamilton and Queenstown, as well as bookings for the New Zealand International Convention Centre (NZICC), have remained relatively stable.

SkyCity Entertainment Group confirmed it has already exceeded its previously announced NZ$10m (US$6m) cost-saving target for the year and is now implementing additional efficiency measures supported by external advisors.

As part of its asset monetisation programme, the company has entered into a non-binding heads of agreement for the potential sale of an office building at 99 Albert Street in Auckland, along with investment properties on Victoria Street. Financial terms remain confidential and are subject to due diligence and final documentation. It’s also seeking expressions of interest in The Grand Hotel.

SkyCity said it will continue to monitor macroeconomic conditions closely, warning that further deterioration could impact its revised outlook. New Zealand’s Online Casino Gambling Act 2026 came into effect on May 1, with authorities expected to begin issuing licences from early 2027.

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The company has lowered its EBITDA outlook. New Zealand.- SkyCity Entertainment Group has revised its financial guidance for full-year 2026, citing macroeconomic challenges impacting consumer discretionary spending in New Zealand and Australia. The operator now expects underlying EBITDA to range between NZ$180m and NZ$190m (approximately US$108m–US$114m), down from previous guidance of NZ$190m to NZ$210m (US$114m–US$126m)….