-- SkyCity Entertainment Group (ASX:SKC, NZE:SKC) said it now expects underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) for fiscal year 2026 between NZ$180 million and NZ$190 million, down from previous guidance of NZ$190 million to NZ$210 million, according to a Thursday New Zealand bourse filing.
The guidance cut is based on trading conditions experienced since the recent fuel price increases and remains broadly consistent for the remainder of the year, the filing added.
The company said it has exceeded its previously disclosed target of NZ$10 million in cost savings for fiscal year 2026 and is now initiating additional cost-saving initiatives across its operations and corporate functions, engaging external advisors to support the process.
Under its asset monetization program, SkyCity has entered into a non-binding heads of agreement for the sale of the 99 Albert Street office building and investment properties on Victoria Street, with financial terms confidential, while also seeking expressions of interest from potential investors in acquiring The Grand Hotel, the filing added.
SkyCity noted that the Online Casino Gambling Act 2026 comes into effect on May 1, with the Department of Internal Affairs (DIA) advising that it anticipates issuing licences from early 2027.
The company's New Zealand shares fell 2% in recent Thursday trade.