SkyCity annual profit drops 42%
SkyCity has announced a NZ$240m (US$140m) equity raising.
New Zealand.- SkyCity Entertainment Group has reported figures for the full fiscal year 2025. It posted revenue of NZ$825.2m ($480.93m), down 5 per cent in year-on-year terms, due to “lower spend per visit and higher VIP customer churn in Adelaide.”
Earnings before interest, tax, depreciation and amortisation (EBITDA) was up 56.4 per cent to NZ$216.1m (US$125.9m), in large part due to a NZ$139m (US$81m) significant one-off item in fiscal 2024. The company’s underlying net profit was down 42 per cent to NZ$71.5m (US$21.6m) mainly due to the settlement of a South Australian casino duty, a NZ$94m writedown on the value of Adelaide Casino and NZ$130m tax adjustment.
The company’s CEO, Jason Walbridge, said: “Our financial results reflect the difficult operating environment we’ve navigated in FY25. The delayed economic recovery in New Zealand has led to lower discretionary spend impacting our business and that has come through the same time as a period of elevated investment”.
SkyCity has announced a NZ$240m (US$140m) equity raising. This includes an NZ$81m (US$47.21m) institutional placement and a NZ$159m (US$92.67m) pro-rata entitlement offer. It will issue 343 million new shares, amounting to approximately 45.1 per cent of existing shares.
Walbridge said: “Our announcement today, to raise NZ$240m of equity, will improve our financial stability in the current market conditions and provide us with the right foundations to step prudently into the opportunities that are ahead of us. We know what we need to do and we’re leaning into it.”
SkyCity said that it expects to report EBITDA of between NZ$170.6m (US$99m) and NZ$190.6m (US$111m) in full-year 2026.
