SkyCity Entertainment Group Ltd

SKC: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$4.90	Ynytyk	Ntbprxk

SkyCity Earnings: Result as Expected, but International VIPs Less Important

Angus Hewitt

Aug 23, 2023

Shares in narrow-moat SkyCity Entertainment continue to screen materially undervalued. Fiscal 2023 results were broadly in line with our forecasts. Underlying EBITDA more than doubled to NZD 310 million—meeting our forecast and the top of the firm's guidance range. All SkyCity's properties enjoyed significant revenue and earnings growth, with reduced pandemic restrictions—including no forced closures in fiscal 2023 and the reopening of the New Zealand border. On a consolidated basis, gaming machine and table gaming revenue grew about 50% compared with fiscal 2022.

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