New Zealand and Australia gaming operator SkyCity Entertainment Group has announced that it saw a 41.5 percent drop in underlying total net profit for the last six months of 2024, largely due to the settlement with South Australia due to its gaming duty.
According to the group’s most recent financials, group revenue fell by 5 percent, on lower spend per visit, topping out at AU$422 million during the period.
Group EBITDA was down by 2 percent, amounting to AU$11.3.1 million.
Despite the slight downturn in results, SkyCity remains optimistic, noting that it has a solid balance sheet and customer visitation levels remain strong.
It also promotes the opening of the New Zealand International Convention Center (NZICC) – scheduled for a February 2026 opening.
The group that its macros for the period were affected by ‘lower spending resulting from challenging macro-economic conditions’.
Speaking of the results, Chief Executive Officer Jason Walbridge noted “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”.
The executive notes the continued focus on tourism both in Australia and New Zealand, noting that the company has a “big part to play in the tourism sector”, while highlighting the opening of the NZICC.
Group NPAT for the period was down by 73 percent yearly, as a result of interest costs due to the ‘long-standing gaming duty matter with Revenue South Australia’.
However the group lauded its hotel performance, in particular that of Horizon Hotel in Auckland, noting it is “outperforming the market in terms of occupancy”, with further expected strength after the opening of NZICC.
