SkyCity suspends dividends, cuts guidance as troubles mount

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SkyCity Entertainment, the New Zealand-based group that operates casinos in Adelaide, Auckland and Queenstown, has suspended its dividends and says earnings this and next year will be worse than forecast as customers stay away.

The company told investors that it was facing an “ongoing challenging economic environment impacting customer spend” and delays in the opening of the Horizon Hotel, a major new precinct at its flagship Auckland casino. The hotel was originally due to open in March, but had been delayed until May. It will now open in August.