SkyCity Entertainment said it expects trading to remain broadly in line with forecasts in the year ahead and reaffirmed guidance for a recovery in earnings, as the New Zealand casino operator pursues cost-saving measures, regulatory remediation and prepares for the launch of its long-delayed convention centre.
Chief executive Jason Walbridge told shareholders at the group’s annual meeting that the company was “on track” to deliver underlying EBITDA of NZ$190 million ($108.7 million) to NZ$210 million ($120.1 million) in fiscal 2026, with early trading showing “no change” in consumer discretionary spending despite broader economic uncertainty.
The company is targeting at least NZ$10 million ($5.7 million) in cost optimisation this year and said the impact of mandatory carded play — introduced to strengthen anti-money-laundering controls in New Zealand — remains consistent with earlier expectations. SkyCity has been working to restore regulatory confidence following compliance failings at its Adelaide casino and a series of probes into its operations.
SkyCity reported a sharp drop in earnings for the year to June 2025, with underlying EBITDA down 15.9 percent to NZ$233.7 million ($133.4 million) and net profit falling 42 percent to NZ$71.5 million ($40.9 million) amid transformation costs and weaker gaming activity. Still, group visitation climbed 4.5 percent to more than 10.5 million, supported by domestic tourism and entertainment demand, even as revenue slipped 5.2 percent on an underlying basis.
Walbridge highlighted progress on transformation programs and said the flagship New Zealand International Convention Centre in Auckland remains on schedule to open in February 2026, after years of delays and cost overruns linked to a devastating 2019 fire and construction challenges. The venue is expected to become a cornerstone asset for the group, driving tourism and international events.
Chairman Julian Cook said SkyCity’s three-year strategy centers on optimizing core operations, delivering “connected experiences” across its properties and building a leadership position in New Zealand’s emerging online-gaming market. The group is preparing its application for an online casino license as part of a regulatory overhaul that would allow approved operators to run digital platforms domestically.
Key priorities in the coming year include completing the remediation program in Adelaide, conducting an asset review, continuing debt discipline, and renewing the Queenstown casino license. Cook added that governance and compliance will remain a central focus as the company seeks to regain investor and public trust while returning to sustainable growth.
