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SkyCity Sees Surging 2021 Adjusted Profit On Strong NZ Gaming Business
SkyCity Sees Surging 2021 Adjusted Profit On Strong NZ Gaming Business
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June 11 (Reuters) - Casino company SkyCity Entertainment Group said on Friday it was expecting a jump of up to 33% in its fiscal 2021 adjusted profit, riding on strong trading at its electronic gaming businesses in New Zealand. The Pacific island nation has been largely successful in containing the spread of COVID-19 and has rolled out a speedy vaccination drive, allowing businesses to restart operations at a faster pace. SkyCity is forecasting a normalized net profit after tax between NZ$84 million ($60.43 million) and NZ$88 million for 2021, compared with NZ$66.3 million a year earlier, the company said in a statement. The company's local gaming businesses in New Zealand continued to perform strongly, while its Australian casino, SkyCity Adelaide, also was consistent in its performance, SkyCity said. While tourism-related businesses were currently hit by international border closures, the company said it was benefiting from domestic tourism, especially during weekends and holidays. A stellar run in the company's shares since late February was offset earlier this week after Australia's financial crime regulator launched an investigation into possible breaches of anti-money laundering and counter-terrorism laws at the firm's operation in Adelaide.  
  
($1 = 1.3900 New Zealand dollars) (Reporting by Savyata Mishra in Bengaluru; Editing by Anil D'Silva)  
  
  
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