Revenue dropped by 5 per cent year-on-year.
New Zealand.- SkyCity Entertainment Group has reported figures for the first half of the fiscal year 2025. It posted revenue of NZ$422m (US$241m), down 5 per cent in year-on-year terms. Earnings before interest, tax, depreciation, and amortisation (EBITDA) was down 22 per cent to NZ$113m (US$64.6m) while net profit after tax (NPAT) was down 73.1 per cent year-on-year to NZ$6m (US$3.4m).
The company’s underlying net profit was down 41.5 per cent year-on-year to NZ$37.8m (US$21.6m) mainly due to the settlement with South Australia on gaming duty.
The casino operator reported that gaming revenue in Auckland was impacted by the five-day closure of gaming operations, weaker market conditions compared to the prior corresponding period and a change in overall customer mix. This was partially offset by contributions from the Horizon by SkyCity Hotel, carpark income and an increased contribution from the Sky Tower.
Total rooms sold at SkyCity’s hotels rose by 16 per cent, achieving an occupancy rate of 73 per cent, which is four percentage points above the market average. EBITDA for Hamilton and Queenstown was up 5 per cent.
Chief executive officer, Jason Walbridge, said: “We continue to operate in challenging market conditions with subdued consumer confidence, so we’re pleased to see strength in our visitation numbers as people continue to enjoy coming to SkyCity for their entertainment.
“We welcome the government focus on economic growth and tourism we’re seeing on both sides of the Tasman. SkyCity has a big part to play in the tourism sector and we can’t wait to open the New Zealand International Convention Centre (NZICC) in February 2026 and welcome visitors to this world-class venue.”
Regulatory progress and transformation
Walbridge said the company is making investments in host responsibility and preventing financial crime.
Walbridge said: “In Adelaide, Consumer and Business Services’ independent review into SkyCity Adelaide continues, with Mr Brian Martin KC due to report his findings to the regulator in the first half of calendar year 2025. Kroll, the independent expert appointed in August 2023 in relation to SkyCity Adelaide’s AML/CTF and host responsibility programme and SkyCity Adelaide, are together advancing the Programme of Work approved by the South Australian Liquor and Gambling Commissioner.
“In New Zealand, we plan to introduce mandatory card play across our properties in July 2025. SkyCity Adelaide is planning to introduce carded play in 2026. This is expected to impact revenue in the first few years from implementation but is a critical component of SkyCity’s transformation programme.
“100 per cent carded play represents a step change in host responsibility and customer care. All customers will need to use a SkyCity card that contains their identity and other important information to play anywhere in our casinos. This will enable them to know how long they’ve played, how much they’ve spent, and when to take a break.”
Revenue dropped by 5 per cent year-on-year. New Zealand.- SkyCity Entertainment Group has reported figures for the first half of the fiscal year 2025. It posted revenue of NZ$422m (US$241m),…
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