May 1 (Reuters) - Skycity Entertainment Group Ltd SKC.NZ :
* IN NEW ZEALAND, ALL SKYCITY PROPERTIES CONTINUE TO REMAIN CLOSED
* HOWEVER, AT ALERT LEVEL 3, CO RECOMMENCED WORK ON VARIOUS KEY DEVELOPMENT PROJECTS
* IN SOUTH AUSTRALIA, ADELAIDE CASINO CONTINUES TO REMAIN CLOSED
* AT ALERT LEVEL 2, EXPECTS TO RE-OPEN NZ PROPERTIES IN STAGED MANNER WITH REDUCED OPERATING HOURS INITIALLY
* DOES NOT EXPECT TO REQUIRE ANY WAIVERS FOR 30 JUNE DEBT COVENANTS
* SKYCITY ONLINE CASINO CONTINUED TO OPERATE & TRADED POSITIVELY OVER PAST 2 MONTHS
* CONTINUES TO HAVE AROUND $400 MILLION OF CASH & UNDRAWN DEBT FACILITIES
* NZ GOVERNMENT & CO AGREED THAT COVID-19 IS A FORCE MAJEURE EVENT UNDER NZICC AGREEMENT
* FLETCHER CONSTRUCTION RECOMMENCED WORK THIS WEEK ON NZICC & HORIZON BY SKYCITY HOTEL PROJECT
* CO'S OBLIGATION UNDER NZICC DEAL TO OPERATE NZICC TO BE EXTENDED BASED ON WHEN NZICC COMPLETED
* LONG STOP DATE FOR COMPLETION OF NZICC PROJECT EXTENDED TO 2 JANUARY 2025
* POST RECENT RESTRUCTURING INITIATIVES, OPERATING CASH NEEDS BEFORE RE-OPENING ANY PROPERTIES AT $12 MILLION/MONTH