It confirmed net profit guidance for 2008 of us$ 82.2 million
SkyCity received a stable outlook from Standard & Poors
(New Zealand).- New Zealand casino and entertainment company SkyCity has received a BBB-minus investment-grade corporate credit rating and stable outlook from Standard & Poors.
2008-07-23
Reading time 24 seg
The rating is higher than SkyCity would have expected were it not for the positive steps taken by new CEO Nigel Morrison.
Peter Sikora, Standard & Poor's credit analyst, credited the better rating to “recent debt reduction, a slowdown in discretionary capital expenditure, and improved earnings” that has led to better “financial metrics.”
The rating also takes into account the fact that SkyCity's licensing arrangement eliminates the challenge of local competition. SkyCity has confirmed net profit guidance for 2008 of us$ 82.2 million- us$ 83.7 million after tax but before a us$ 60 million write-down for its unsold cinema division from earlier this year.
Leave your comment
RELATED NEWS
Project includes gaming, hospitality facilities
Wilton Rancheria breaks ground on Sky River hotel resort development
As Russia weighs online gambling
Putin approves creation of Russia's sixth gambling zone in the Altai region
Estimated total project cost up to $5b
Hard Rock Las Vegas tops off Guitar Hotel in major strip redevelopment milestone
COMPANIES
Season-long branding placement
PrizePicks expands motorsports presence through Arrow McLaren IndyCar agreement
Christian Genetski tapped to lead
FanDuel CEO Amy Howe exits as Flutter faces industry shift and lowered forecast
Q1 net income falls 38% to $209 million
Flutter boosts prediction market spending despite Q1 profit slump, cuts 2026 outlook
Brings more than 20 years of experience
Zitro Digital appoints Thiago Valadão as Commercial Director for Brazil
NYCE Marketplace
Partnership expansion
Riddec Games enters Nirmata Play distribution network through Stargate partnership
Also authorised in New Jersey, Michigan
Flows secures Pennsylvania Gaming Control Board authorisation
Vor Turbo shares product overview
Sportsbook integration: Deploying betting widgets at scale
LATEST NEWS
ONLINE GAMING
LEGISLATION
SPORTS BETTING
EVENTS
Expanding footprint in regulated markets
Wazdan shortlisted in five categories at SBC Awards Americas 2026
May 12–14, Venetian Macao
Aristocrat Gaming showcases new Asia-focused portfolio at G2E Asia
EVENTS CALENDAR
Highlighted
Affpapa Conference Madrid 2026
Highlighted
MAC Affiliate Conference 2026
Highlighted
SBC Summit Americas 2026
JUN 9th 26 / JUN 11th 26
Live Event Broward County Convention Center, Fort Lauderdale, Florida
Highlighted
PGS 2026
Highlighted
SBC Summit 2026
Highlighted
