SkyCity gets permission to put back NZICC completion date

SkyCity has been granted permission to extend the long stop date for completion of the New Zealand International Convention Centre (NZICC) project from 2 January 2025 to 15 December 2027.

New Zealand.- SkyCity Entertainment Group has announced that it has extended the date for completion of the New Zealand International Convention Centre (NZICC) from 2 January 2025 to 15 December 2027.

The company said its obligations to operate the NZICC will also be extended based on the new completion date.

The casino operator and its partner, Fletcher Construction Company, hope to complete the development by late 2024 but said they prefer to be prudent and to have a buffer between the programme date and the long stop date.

The non-gaming centre will have a 32,500sqm gross floor area, a 2,850 seat theatre, world-class dining venues and a five-star, 300-room hotel.

SkyCity said it will provide a further update on the NZICC project on 25 August 2021 when it releases its FY21 results.

Last week, the group announced that it had seen a strong performance from its gaming businesses in New Zealand, with particularly strong performance from electronic gaming machines at SkyCity Adelaide and from its offshore online casino SkyCity Malta.

It expects normalised net operating profit after tax (NPAT) of between AU$84m and AU$88m and normalised EBITDA of between AU$247m and AU$253m.

SkyCity Adelaide reopened its doors after a six-day lockdown last November with restrictions in place, including entry limited to certain membership tiers, a maximum capacity of 100 including staff on the gaming floor and fewer spaces at gaming tables.

Although the company continues to struggle with the lack of foreign tourists due to Covid-19 countermeasures, SkyCity has benefitted from domestic tourism, particularly on weekends and holidays.