SkyCity posts full-year net loss of US$88.23m
The company reported revenue of NZ$928.5m.
New Zealand.- SkyCity Entertainment Group has shared its financial results for the fiscal year 2024. The company posted a net loss after tax of NZ$143.3m (US$88.3m) due to accounting adjustments, including an AU$86.2m (US$57.5m) impairment of the SkyCity Adelaide assets and a tax adjustment of NZ$129.6m (US$78.4m) following changes to New Zealand tax legislation.
Revenue was up 0.3 per cent year-on-year to NZ$928.5m (US$572m) while earnings before interest, tax, depreciation, and amortisation (EBITDA) fell by 16.7 per cent to NZ$138.2m (US$85.15m). The company attributed the decline to a difficult operating environment and the impact of accounting adjustments.
Auckland generated 65 per cent of revenue, followed by Adelaide (26 per cent) and Hamilton (7 per cent). Gaming revenue was down 2.9 per cent year-on-year to NZ$727.7m (US$448.34m) while online gaming revenue fell by 39.2 per cent to NZ$9.3m (US$5.73m). The casino operator recorded 7 million visitors its four sites.
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Jason Walbridge, SkyCity’s chief executive officer, said: “The earnings we have announced today are a solid result despite the economic circumstances. I am confident SkyCity is set up to build on our amazing business, with a number of important and exciting milestones coming down the pipeline in the next 12 months.
“SkyCity is coming off a very challenging financial year, with the combination of the soft economy, cost-of-living pressures in both New Zealand and Adelaide, and responding to various regulatory matters.”
For fiscal 2025, the group expects underlying group EBITDA of between NZ$245m (US$150.94m) and NZ$265m ($163.27m). It doesn’t expect to pay a dividend.
