Sky City Entertainment has confirmed it expects to make a full year profit of up to $110 million.
The result includes a $60m writedown of its cinema operations, which Sky City has unsuccessfully tried to sell.
The casino operator has had a tumultuous time recently, overhauling its management team and refocusing its efforts on attracting more people to its flagship Auckland casino.
New chief executive, Nigel Morrison says he hopes to reap the benefits of the changes in the next financial year.
Meanwhile, the international credit ratings agency Standard & Poor's has given Sky City a triple-B minus rating.
Standard & Poors says that reflects better earnings, lower debt levels, and its dominant position in the New Zealand market.
Looking at its debt profile: Sky City says it can still draw on $370m of a $500m revolving loan it renegotiated in February and which runs until April 2011.
Total debt is $1 billion, which Sky City says is not placing any undue pressure on the company.
It will need to refinance $124m worth of capital in May 2010.
