Guidance for the full-year profit was in the "$140 millions", down on the Forsyth Barr forecast of nearly $151 million.
"While we have limited detail to work with, we are likely to pull back our Auckland gaming venue forecasts slightly. This will reduce our $4.41 share price target.
"However, we do not expect a material change to numbers and expect to retain a positive investment view," Mr Young said.
SkyCity chief executive Nigel Morrison told the company's annual meeting in Auckland that normalised group revenue of $288.5 million for the period ended October 17 was 1.5% higher than the previous corresponding period.
But on a reported basis, group revenue was down 2.1%, or $6.2 million.
"Last year was a record for the group and to see growth continuing is pleasing given the strong first half of the year which benefited from the 2011 Rugby World Cup. We have invested in key areas of our business, with particular focus on our international VIP customers in Auckland and now in Darwin."
Analysing the figures, Mr Young said total New Zealand revenue was down 2.7%, driven by Auckland revenue being down nearly 5% but partially offset by continued strong Hamilton revenue growth of 14% and growth at the Christchurch and Queenstown properties. Auckland gaming machine turnover was only up 2% in the period.
"We expect the pcp was a reasonably strong period for gaming machines given the recent product changes."
There was also a small negative impact of $5 million to gaming revenues from the new Bally gaming system where machine player bonuses were no longer recorded as revenue or a cost, he said.
No comment was provided by SkyCity with regard to local main floor and premium table play levels.
Australian revenue was up 5.8%, largely as a result of a recovery at Darwin, plus the property had been boosted by the opening of the new resort, Mr Young said.
Nothing new was announced regarding the New Zealand International Convention centre.
Mr Morrison said while his sense of the Auckland and New Zealand economies was they were "somewhat flat" and the outlook uncertain, SkyCity expected its flagship Auckland property to continue to benefit from the capital improvements being made.
"Based on the current momentum we are experiencing, we anticipate that Hamilton and our other New Zealand businesses will continue to deliver improved results on last year."
In Australia, Darwin's growth was expected to underpin the Australian business during the current financial year, he said.
First-half results for the 2013 financial year would be available on February 13.
