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SkyCity Entertainment Group Limited (ASX:SKC)

ALERT: Price-sensitive ASX Announcement for SKC
Current share price for SKC : $0.465 -0.075 (-13.89%)+
Announcement
Release
1 May 2026 7:30AM
Price at Release
$0.540
Full Release
download
Summary
SkyCity Entertainment Group Limited has revised its FY26 financial outlook due to challenging macroeconomic conditions impacting consumer spending in New Zealand and Australia. The company now anticipates a lower underlying EBITDA of $180 million to $190 million and a reported EBITDA of $155 million to $165 million for FY26. In response to these conditions, SkyCity has implemented cost-saving strategies, surpassing its $10 million target. Additionally, SkyCity is progressing with its asset monetisation programme, including the sale of its office and hotel properties. The company notes the commencement of the Online Casino Gambling Act 2026, which will come into effect in May 2026, with licensing expected to begin in early 2027.
Key Points
  • SkyCity Entertainment Group Limited has updated its FY26 guidance due to macroeconomic conditions affecting consumer spending.
  • Underlying EBITDA for FY26 is expected to be $180 million to $190 million, revised from $190 million to $210 million.
  • Reported EBITDA for FY26 is expected to be $155 million to $165 million, down from the previous range of $170.6 million to $190.6 million.
  • SkyCity has implemented cost-saving measures and exceeded its target of $10 million in cost savings for FY26.
  • An asset monetisation programme is underway, including a non-binding agreement for the sale of the 99 Albert Street office building and properties on Victoria Street.
  • SkyCity is also seeking investors for The Grand Hotel as part of its asset monetisation programme.
  • The Online Casino Gambling Act 2026 will come into effect from 1 May 2026, with licences anticipated to be issued from early 2027.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.