A combined experimental and theoretical study of the magneto-optic properties of a series of nickel antidot thin films is presented. The hole diameter varies from 869 down to 636 nm, while the lattice periodicity is fixed at 920 nm. This results in an overall increase of the polar Kerr rotation with decreasing hole diameter due to the increasing surface coverage with nickel. In addition, at photon energies of 2.7 and 3.3 eV, where surface-plasmon excitations are expected, we observe distinct features in the polar Kerr rotation not present in continuous nickel films. The spectral position of the peaks exhibits a red shift with decreasing hole size. This is explained within the context of an effective medium theory by a change in the effective dielectric function of the Ni thin films.