A rebound in business from Covid-19 restrictions is set to deliver a full year profit for casino company SkyCity Entertainment.
Photo: RNZ / Cole Eastham-Farrelly
It said trading has recovered better than expected as it reopened its properties prompting a return of local trade and signs of a recovery in tourist traffic.
"Following stronger than expected recent trading and increasing certainty around its full year result, it is now in a position to provide earnings guidance for the financial year," the company said in a release to the NZX.
"Following recent relaxation of Covid-19 operating restrictions, SkyCity has seen strong performance from its local gaming businesses, particularly in New Zealand."
It said assuming no material changes to the current environment it expected full year operating earnings of between $135m and $140m, with a normalised profit after tax of between $3.5m to $7m for the year ended June.
The forecast is a marked turnaround from its normalised loss of $19.5m for the six months ended December. Last year it reported a 12 month profit of $90m.
SkyCity operates four casinos in New Zealand and one in Adelaide. It also has a hotel next to the Auckland casino, and an online casino based in Malta.
"SkyCity's non-gaming businesses continue to recover, benefiting from positive domestic tourism, particularly during weekend and holiday periods, and the reopening of international borders."
SkyCity Entertainment