Skycity reports significant impact on revenue in H1
New Zealand’s SkyCity Entertainment Group has reported a 143 per cent decline in profits year-on-year for the six months to December 31.
New Zeland.- As predicted, SkyCity Entertainment Group suffered the impact of Covid-19 restrictions in its first-half results. The company has reported a net loss of NZ$33.7m (US$22.4m) for the six months ended December 31, a 143.3 per cent decline year-on-year.
Revenue fell 35.6 per cent to NZ$289.8m (US$192.5m) and adjusted EBITDA by 86.4 per cent to NZ$20.4m (US$13.5m). However, revenue from the company’s online gaming segment increased 16.3 per cent to NZ$9.4m (US$6.2m).
Auckland casino saw its revenue fall 48.7 per cent year-on-year. The casino was closed for 107 days before reopening on December 3 with restrictions. Meanwhile, the Hamilton and Queenstown properties closed for 65 days and 22 days respectively. New Zealand’s international borders remain closed.
SkyCity CEO Michael Ahearne said: “Covid-19 has continued to extensively impact the business and operations at each of SkyCity’s properties in the first half of the financial year.
“Government-mandated lockdowns resulted in the closure of SkyCity Auckland for 107 days, SkyCity Hamilton for 65 days, SkyCity Queenstown for 22 days and SkyCity Adelaide for eight days. When permitted to reopen, the properties have operated under significant constraints due to restrictions on mass gatherings and physical distancing requirements and I’m extremely proud of how the SkyCity team has adapted to those challenges.
“What we have observed is that our New Zealand domestic gaming business demonstrates resilience and is quick to rebound when operating without restrictions.”
See also: SkyCity expands partnership with Gaming Innovation Group
