The New Zealand operator hopes to resume dividends from 2027.
New Zealand.- SkyCity Entertainment has told investors that the 2026 financial year will likely mark the bottom of a prolonged downturn while expressing optimism for a more positive 2027. It said it expects to make no dividend payments until 2027 as it works to stabilise earnings, reduce debt and restore regulatory confidence.
Speaking at the group’s annual general meeting, chief executive Jason Walbridge acknowledged that early trading for this year had yet to show signs of improvement despite a modest economic uptick in New Zealand. He described 2026 as a “trough year” but said the company remains positive about the outlook for full year 2027.
Chairman Julian Cook admitted the past year had been “poor,” with revenue falling 5.2 per cent amid weaker consumer spending and compliance costs tied to regulatory probes in both New Zealand and Australia.
The group expects underlying EBITDA between NZ$190 (US$108m) and NZ$210 (US$120m) in fiscal 2026, with cost-saving measures targeting at least NZ$10 (US$5,7m). SkyCity is finalising remediation at its Adelaide casino following anti-money laundering and host responsibility failings that led to regulatory actions. A decision from South Australian authorities regarding potential penalties is expected by mid-2026, creating what Walbridge described as “significant uncertainty” for investors.
SkyCity is pinning its medium-term growth strategy on the long-delayed New Zealand International Convention Centre (NZICC), now on track to open in February 2026. Walbridge called it a “cornerstone asset” that will drive tourism and international events once fully operational.
Looking further ahead, the company expects to enter New Zealand’s soon-to-be-regulated online casino market, which it is hoped could channel an estimated NZ$700m (US$400m) spent on offshore sites into the domestic economy. “We want to be the local hero of online casino gaming,” Walbridge said.
The New Zealand operator hopes to resume dividends from 2027. New Zealand.- SkyCity Entertainment has told investors that the 2026 financial year will likely mark the bottom of a prolonged…
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