March 17, 2020 / 10:46 PM / 12 days ago

BRIEF-Skycity Entertainment Group Sees Normalised NPAT For FY20 To Be In Range Of NZ$85-100 Mln

March 18 (Reuters) - Skycity Entertainment Group Ltd :

* CURRENTLY ESTIMATES EBITDA IMPACT OF AROUND NZ$55M IN RELATION TO PREVIOUS GUIDANCE FOR FULL YEAR

* NEGATIVELY IMPACTED BY GLOBAL RESPONSE TO COVID-19, PARTICULARLY SINCE 28 FEB 2020

* NOW EXPECTS NORMALISED EBITDA FOR FY20 TO BE IN RANGE NZ$230-250 MILLION

* NOW EXPECTS NORMALISED NPAT FOR FY20 TO BE IN RANGE NZ$85-100 MILLION

* SKYCITY ENTERTAINMENT GROUP LTD - UPDATED GUIDANCE ALSO ASSUMES THAT ALL SKYCITY PROPERTIES REMAIN OPEN FOR BUSINESS

* EXPECTS THAT ITS DEBT LEVEL WILL PEAK DURING FY22 AT AROUND NZ$850 MILLION (EXCLUDING LEASE-RELATED LIABILITIES)

* EXPECTS GEARING (DEBT/EBITDA RATIO) WILL REMAIN WITHIN DEBT COVENANTS DURING FY21 & FY22

* ENHANCED BORDER CONTROLS, SOCIAL DISTANCING REQUIREMENTS IMPOSED IN NEW ZEALAND & AUSTRALIA WILL HAVE FURTHER NEGATIVE IMPACTS

* POSSIBLE THAT FULL LOCK DOWN IS IMPLEMENTED IN NZ &/OR AUSTRALIA, WHICH WOULD LEAD TO TEMPORARY CLOSURE OF SKYCITY PROPERTIES Source text for Eikon: Further company coverage:

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