Bulletin: SkyCity's Recovery Relies On Smooth Domestic Operations - S&P Global Ratings’ Credit Research

Bulletin: SkyCity's Recovery Relies On Smooth Domestic Operations

Bulletin: SkyCity's Recovery Relies On Smooth Domestic Operations - S&P Global Ratings’ Credit Research
Bulletin: SkyCity's Recovery Relies On Smooth Domestic Operations
Published Sep 03, 2020
3 pages (1412 words) — Published Sep 03, 2020
Price Free  |  Buy this Report Now

About This Report

  
Abstract:

MELBOURNE (S&P Global Ratings) Sept. 3, 2020--S&P Global Ratings today said that SKYCITY Entertainment Group Ltd.'s (BBB-/Negative/--) full-year 2020 results reveal a strong trading performance for June to August when COVID-19 restrictions were eased. However, New Zealand's reinstatement of COVID restrictions in August and the possibility of future interruptions to trading may affect internally generated cash flows needed to fund the group's development activity. SkyCity's swift recovery reinforces our view of the quality of the company's long-term monopoly positions. The main gaming floor at SkyCity's flagship Auckland casino recovered quicker than we first anticipated, approaching pre-COVID levels during June to mid-August. Similarly, SkyCity Adelaide rebounded strongly. Electronic gaming machine revenues proved particularly resilient. In addition, the company's relatively new online

  
Brief Excerpt:

...September 3, 2020 MELBOURNE (S&P Global Ratings) Sept. 3, 2020--S&P Global Ratings today said that SKYCITY Entertainment Group Ltd.'s (###-/Negative/--) full-year 2020 results reveal a strong trading performance for June to August when COVID-19 restrictions were eased. However, New Zealand's reinstatement of COVID restrictions in August and the possibility of future interruptions to trading may affect internally generated cash flows needed to fund the group's development activity. SkyCity's swift recovery reinforces our view of the quality of the company's long-term monopoly positions. The main gaming floor at SkyCity's flagship Auckland casino recovered quicker than we first anticipated, approaching pre-COVID levels during June to mid-August. Similarly, SkyCity Adelaide rebounded strongly. Electronic gaming machine revenues proved particularly resilient. In addition, the company's relatively new online casino offering also grew strongly. That said, the possibility of future interruptions...

  
Report Type:

Bulletin

Issuer
SKYCITY Entertainment Group Ltd.
GICS
Casinos & Gaming (25301010)
Sector
Global Issuers
Country
New Zealand
Region
Pacific
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: SkyCity's Recovery Relies On Smooth Domestic Operations" Sep 03, 2020. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-SkyCity-s-Recovery-Relies-On-Smooth-Domestic-Operations-2506781>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: SkyCity's Recovery Relies On Smooth Domestic Operations Sep 03, 2020. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-SkyCity-s-Recovery-Relies-On-Smooth-Domestic-Operations-2506781>
  
Free
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.