{"id":247,"date":"2024-06-26T00:28:01","date_gmt":"2024-06-25T21:28:01","guid":{"rendered":"https:\/\/jumbabetnodepositbonus.icu\/2024\/06\/26\/skycity-warns-of-lower-ebitda-despite-earlier-growth-projections\/"},"modified":"2024-06-26T00:28:01","modified_gmt":"2024-06-25T21:28:01","slug":"skycity-warns-of-lower-ebitda-despite-earlier-growth-projections","status":"publish","type":"post","link":"https:\/\/jumbabetnodepositbonus.icu\/2024\/06\/26\/skycity-warns-of-lower-ebitda-despite-earlier-growth-projections\/","title":{"rendered":"SkyCity Warns of Lower EBITDA Despite Earlier Growth Projections"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/HT0NIbSqO8s\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The SkyCity Entertainment Group, based in New Zealand, has issued a cautionary statement indicating that its modified earnings before interest, taxes, depreciation, and amortization (EBITDA) for the 2024 financial period may decrease, despite earlier projections of expansion.<\/p>\n<p>In a recent market update, SkyCity stated that it anticipates adjusted EBITDA for the 2024 financial year to be between NZ$290 million (GBP 141.2 million\/EUR 164.6 million\/USD 177.1 million) and NZ$310 million. This prediction is founded on operations for the initial five months of the financial year.<\/p>\n<p>SkyCity reported adjusted EBITDA of NZ$310 million for the 2023 financial year and had previously projected moderate growth for the 2024 financial year. However, a number of elements have prompted SkyCity to lower its expectations, and even potentially experience a reduction in profits.<\/p>\n<p>These factors encompass a decrease in electronic gaming machine (EGM) revenue across New Zealand. SkyCity observed that ongoing cost of living pressures and economic uncertainty have impacted consumer spending, resulting in this situation.<\/p>\n<p>SkyCity also mentioned that its property in Adelaide, Australia, has performed below anticipated levels. Persistent legal and compliance cost pressures have led to a weak revenue outlook, and SkyCity is currently examining the cost structure of the location.<\/p>\n<p>The operator also stated that a decline in parking revenue, due to the termination of a previous agreement, has also affected it.<\/p>\n<p>SkyCity is actively preparing to enter the online gambling market in New Zealand. <\/p>\n<p>SkyCitys financial performance has been impacted by the potential for new regulations governing online gaming in New Zealand.<\/p>\n<p>Although these regulations are still under development, SkyCity views this as an opportunity for expansion. They are optimistic that these new rules will contribute to their long-term financial success.<\/p>\n<p>Over the past five months, SkyCity anticipates generating profits ranging from NZ$125 million to NZ$135 million. They will provide further details in February when they release their financial report for the first half of 2024.<\/p>\n<p>There is a possibility that SkyCitys operations in New Zealand could be temporarily halted. This contingency is not factored into their earnings projections.<\/p>\n<p>In September, the New Zealand government requested the suspension of SkyCitys casino license for approximately 10 days. This affects SkyCitys operations in Auckland, Hamilton, and Queenstown.<\/p>\n<p>The government has yet to make a final decision.<\/p>\n<p>SkyCity has faced a challenging year. They recently resolved a legal dispute in Australia regarding their anti-money laundering practices at their casino in Adelaide. <\/p>\n<p>Following the request of the South Australian gaming regulator, Consumer and Business Services, SkyCity underwent an examination of its anti-terrorism financing and anti-money laundering program in May. SkyCity also mentioned that it had allocated A$45 million for anticipated civil penalties from the Australian Transaction Reports and Analysis Centre (Austrac), information that was revealed in August.<\/p>\n<p>In October, SkyCity declared that Michael Aherne would be departing his position as CEO.<\/p>\n<p>Aherne will depart the organization in March 2024 to return to Europe to spend more time with his family. He has been the head of SkyCity since November 2020, having previously served as Chief Operating Officer.<\/p>\n<p>SkyCity has already initiated the search for a replacement.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SkyCity Entertainment Group, based in New Zealand, has issued a cautionary statement indicating that its modified earnings before interest, taxes, depreciation, and amortization (EBITDA) for the 2024 financial period may decrease, despite earlier projections of expansion. In a recent market update, SkyCity stated that it anticipates adjusted EBITDA for the 2024 financial year to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SkyCity<\/title>\n<meta name=\"description\" content=\"SkyCity Entertainment Group warns of lower adjusted EBITDA for 2024, despite previous growth expectations. 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