SkyCity considers Adelaide casino sale amid profit fall
The New Zealand casino operator is reviewing its Adelaide business as part of a strategic review.
New Zealand.- SkyCity Entertainment Group has reported a 38 per cent fall in net profit for the year ended June 30 and launched a strategic review of its Adelaide casino.
The casino operator reported NZ$18.2m (US$10.7m) in full-year net profit, down from NZ.2m (US$17.2m) a year earlier. Revenue increased 6.5 per cent to NZ8.9m (US$518m), while underlying profit fell 47 per cent to NZ$38m (US$22.4m).
SkyCity said it cut NZ$30m (US.7m) in costs during the past financial year and is targeting NZ$70m (US$41.3m) in annualised savings by FY28. This could result in up to 250 job cuts, with most of the roles at risk expected to be in Auckland.
The company has also started a strategic review of SkyCity Adelaide. Chief executive Jason Walbridge said a sale of the Australian casino is a possible option, although no decision has been made.
At the same time, SkyCity is aiming to enter New Zealand’s regulated online gambling market. The company is preparing for the upcoming licensing process, with licence auctions expected later this year ahead of a launch in early 2027.
Walbridge said the company’s priority is to return to positive cash flow before considering the reinstatement of dividends. SkyCity did not provide a profit outlook for FY27.
