NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Markets

SkyCity Entertainment shares fall after revising its guidance - Market close

By Graham Skellern
NZ Herald·
8 Dec, 2023 05:13 AM4 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

    Reminder, this is a Premium article and requires a subscription to read.

SkyCity Entertainment declined 8c or 4.28 per cent to $1.79 after revising its guidance after five months' trading in the new financial year. Photo / Christine Cornege

SkyCity Entertainment declined 8c or 4.28 per cent to $1.79 after revising its guidance after five months' trading in the new financial year. Photo / Christine Cornege

The New Zealand sharemarket closed the week flat as it grappled with a slowing economy and a further earnings downgrade, this time from Sky City.

The S&P/NZX 50 Index recovered admirably from its intraday low of 11,408.25 and finished on 11,495.64, down 0.97 points or 0.01 per cent. The index is still 0.3 per cent ahead for the year after gaining 1 per cent this week.

There were 57 gainers and 61 decliners over the whole market, with rebalancing in the FTSE and NZX indices creating some volatility before next Friday’s deadline. A total of 25.85 million shares worth $104.17 million changed hands.

SkyCity Entertainment declined 8c or 4.28 per cent to $1.79 after revising its guidance after five months’ trading in the new financial year. SkyCity is facing a reduction in electronic gaming machine revenue in New Zealand and a weaker-than-expected performance from its Adelaide business.

The casino and hotel operator is now expecting full-year operating earnings (ebitda) of $290m-$310m, which last year was $310m. SkyCity had previously forecast a modest year-on-year increase.

Advertisement
Advertise with NZME.

Shane Solly, portfolio manager with Harbour Asset Management, said the SkyCity downgrade was disappointing but not surprising. The cost of living has slowed its activity in New Zealand.

He said companies before SkyCity such as Air New Zealand, Kiwi Property and Freightways have talked about slowing domestic activity and retail sales. “Will there be others – I think so.

“The New Zealand economy is slowing down quite rapidly and the Reserve Bank may be working with a different set of data points when it comes back from holiday in the new year.

Advertisement
Advertise with NZME.

“It is a good reminder of what we are dealing with under the [Reserve Bank] tight monetary policy. The market just has to get through this earnings-reset period,” Solly said.

He said the Bank of Japan was looking seriously at increasing liquidity and letting interest rates rise. This may impact the flow of investment capital to Australia and New Zealand.

Overnight McDonald’s, the biggest food brand globally, announced it is opening 50,000 new restaurants by 2027 and has formed a partnership with Google to connect the latest cloud technology and apply generative artificial intelligence (AI) solutions across its restaurants worldwide.

Google-parent company Alphabet rose 5.31 per cent to US$136.93 ($222) after announcing the rollout of its generative AI model. The technology-driven Nasdaq Composite surged 1.37 per cent to 14,339.99 points and has risen more than 36 per cent this year.

At home, Scales Corp increased 7c or 2.28 per cent to $3.14 after confirming net profit guidance of $14m-$19m for the 12 months ending December and then doubling the 2024 profit forecast to $30m-$35m.

Scales is paying an interim dividend for the 2023 financial year of 4.25c a share on January 18.

Fisher & Paykel Healthcare was up 15c to $24; Ebos Group increased 63c to $37.53; Mercury Energy added 7c to $6.32; and Meridian collected 5c to $5.25.

Auckland International Airport gained 5c to $8.25 on trade worth $23.2m; Briscoe Group was up 10c or 2.18 per cent to $4.69; and Eroad continued a good run, rising 9c or 9.89 per cent to $1.

Advertisement
Advertise with NZME.

Infratil declined 13c to $9.92; Freightways decreased 11c to $8.32; Gentrack shed 8c to $6.35; NZME fell 4c or 4.44 per cent to 86c; and Steel & Tube was down 2c or 1.92 per cent to $1.02.

In the property sector, Argosy declined 2c or 1.82 to $1.08; Property for Industry was down 4.5c or 2.01 per cent to $2.195; Vital Healthcare Trust decreased 6.5c or 3.05 per cent to $2.065; and Precinct shed 1.5c to $1.18.

In the retirement sector, Ryman Healthcare was down 5c to $5.30; Arvida Group decreased 3c or 3.09 per cent to 94c; and Oceania Healthcare was up 3c or 4.23 per cent to 74c.

The Carbon Fund fell 10c or 5.24 per cent to $1.81; The Warehouse declined 4c or 2.26 per cent to $1.73; PGG Wrightson shed 9c or 2.66 per cent to $3.29; and 2 Cheap Cars was down 2c or 2.27 per cent to 86c.

Save

    Share this article

    Reminder, this is a Premium article and requires a subscription to read.

Latest from Markets

Premium
Shares

Market close: SkyCity loses spot on the 20

10 Jun 05:56 AM
Premium
Technology

Tech Insider: $529 phone, bought in March, can only make 3G calls; IRD's AI warning; $16K Google Cloud refund

10 Jun 03:14 AM
Premium
Shares

Market close: Index reshuffle lifts Briscoe Group

09 Jun 05:57 AM

Why Cambridge is the new home of future-focused design

sponsored
Advertisement
Advertise with NZME.

Latest from Markets

Premium
Market close: SkyCity loses spot on the 20

Market close: SkyCity loses spot on the 20

10 Jun 05:56 AM

Scales Corporation shares are up after it upgraded guidance.

Premium
Tech Insider: $529 phone, bought in March, can only make 3G calls; IRD's AI warning; $16K Google Cloud refund

Tech Insider: $529 phone, bought in March, can only make 3G calls; IRD's AI warning; $16K Google Cloud refund

10 Jun 03:14 AM
Premium
Market close: Index reshuffle lifts Briscoe Group

Market close: Index reshuffle lifts Briscoe Group

09 Jun 05:57 AM
Premium
NZ's power system well-placed for winter - analyst

NZ's power system well-placed for winter - analyst

08 Jun 11:00 PM
Clean water fuelling Pacific futures
sponsored

Clean water fuelling Pacific futures

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • What the Actual
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven CarGuide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP