SkyCity Entertainment Expects to Take NZ$94 Million Hit on Adelaide Unit Assets

MT Newswires Live08-19

SkyCity Entertainment Group (NZE:SKC, ASX:SKC) expected to take a NZ$94.3 million non-cash hit from the carry value of its SkyCity Adelaide assets caused by the timing of reduced cashflows ahead of mandatory carded play at the site by 2026, according to a Monday filing with the New Zealand and Australian bourses.

The hotel and gaming operator is also expecting to incur a NZ$129.3 million non-cash tax adjustment following a recent change in New Zealand tax laws, the filing added.

The adjustment and impairment are not expected to impact SkyCity's underlying profits. It is set to release its annual report by Aug. 22, as per the filing.

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