SkyCity posts first-half revenue of US$290.9m
The company’s latest financial results are in line with pre-Covid-19 performance levels.
New Zealand.- SkyCity Entertainment Group has shared its financial results for the first half of the fiscal year 2023. Revenue was NZ$462.6m (US$290.9m), up 59.6 per cent when compared to the previous year.
Net profit after tax (NPAT) rose 168 per cent year-on-year to NZ$22.8m (US$14.43m), while earnings before interest, tax, depreciation, and amortisation (EBITDA) were up 421 per cent year-on-year to NZ$106.3m (US$67.34m).
Auckland brought in the most revenue at NZ$222.4m (US$141m), which represented 58 per cent of total gaming revenue. The figure was up 166.3 per cent when compared to the previous year. That was followed by Adelaide, which recorded gaming revenue of AU$91.3m (US$63.8m), up 29.3 per cent year-on-year. That represented 28 per cent of total gaming revenue.
SkyCity Hamilton reported gaming revenue of NZ34.5m (US$21.87m), up 69.8 per cent year-on-year while Queenstown recorded f NZ5.6m (US$3.55m), up 29.5 per cent. The group’s international business represented 3 per cent of total revenue and online 2 per cent.
In terms of EBITDA, Auckland contributed 71 per cent, Adelaide and Hamilton for 13 per cent and 11 per cent respectively and Queenstown just 1 per cent. Online operations represented 3 per cent and international business 1 per cent.
SkyCity Adelaide independent review put on hold
SkyCity Entertainment Group has been informed that Brian Martin AO KC’s independent review into the suitability of SkyCity Adelaide has been put on hold. The review has been suspended pending the resolution of the civil penalty proceedings filed by the Australian Transaction Reports (AUSTRAC) and Analysis Centre against SkyCity Adelaide in the Federal Court of Australia on December 7.
The deadline for the review was set for February 1, but the commissioner says suitability cannot be assessed until the civil proceedings are resolved.
The casino operator said it continues to implement its AML and host responsibility programmes to improve its AML and host responsibility processes and practices at SkyCity Adelaide.