SkyCity's Major Capital Projects in Auckland and Adelaide Should Drive Solid Earnings Growth
Narrow-moat-rated SkyCity Entertainment reported a solid fiscal 2018 result. Normalised EBITDA increased by 6% to NZD 338 million, around 2% above our expectations, owing to the surprise improvement in Adelaide and stronger-than-expected international business turnover. Normalised net profit increased by 10% to NZD 170 million, exceeding our projection by 4%, mainly due to lower depreciation expense. We retain our NZD 4.20 fair value estimate (AUD 3.80 at the current spot price), and shares are ...Sky City Entertainment Group and its subsidiaries are organised into the following main operating segments: SKYCITY Auckland, which includes casino operations, hotels and convention, food and beverage, carparking, Sky Tower and a number of other related activities; Rest of New Zealand, which includes the Group's interest in SKYCITY Hamilton, SKYCITY Queenstown Casino and SKYCITY Wharf; SKYCITY Adelaide, which includes casino operations and food and beverage; SKYCITY Darwin, which includes casino operations, food and beverage and hotel; as well as International Business, which includes commission and complimentary play.
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