SkyCity half-year revenue drops as carded play impacts activity

Group revenue reached NZ$411.7m (US$255m).

New Zealand.- SkyCity Entertainment Group has reported a 2.4 per cent year-on-year decline in group revenue for the six months ended 31 December 2025. Group revenue was NZ$411.7m (US$255.3m), while underlying EBITDA declined 28 per cent to NZ$85.5m (US$53m).

Gaming revenue was impacted by the introduction of mandatory carded play across New Zealand casinos from July 2025, lower premium table volumes in Auckland and Adelaide and VIP customer churn. These pressures were partially offset by contributions from non-gaming segments, including food and beverage and hotel operations.

Operating costs increased compared to the prior period due to investment in AML capability, host responsibility initiatives and technology upgrades, particularly in Adelaide. The first half also included pre-opening costs related to the New Zealand International Convention Centre (NZICC), which opened on February 11, 2026.

Reported net profit after tax (NPAT) stood at NZ$12.1m (US$7.5m), with underlying NPAT at NZ$14.4m (US$8.9m). No dividend is expected to be paid for the period.

Jason Walbridge, chief executive officer, stated: “The first half of FY26 reflected a planned period of operational transition, with the Group focused on the second half of the year and ongoing work to support long-term operating objectives.”

He added: “We are undertaking a disciplined review of our operating model to ensure our cost structures reflect the current environment, while maintaining our commitment to compliance and customer experience.”

Looking ahead, the operator said 2026 underlying EBITDA guidance remains unchanged. Earnings are expected to be weighted towards the second half of the year, supported by NZICC operations, non-gaming contributions and the absence of one-off costs incurred in H1.

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See also: Star Entertainment returns to positive EBITDA

Group revenue reached NZ$411.7m (US$255m). New Zealand.- SkyCity Entertainment Group has reported a 2.4 per cent year-on-year decline in group revenue for the six months ended 31 December 2025. Group revenue was NZ$411.7m (US$255.3m), while underlying EBITDA declined 28 per cent to NZ$85.5m (US$53m). Gaming revenue was impacted by the introduction of mandatory carded play…