SkyCity reveals full-year results

The company's expansion plans in Adelaide continue on track.
The company's expansion plans in Adelaide continue on track.

The casino resorts company saw revenues rise but profits fall in its 2019/20 financial year.

Australia.- SkyCity Entertainment Group has announced full-year results for July 2019 to June 2020. According to the figures, it revenues rose while profits fell compared with the previous financial year.

Revenues were up about 37 per cent to over NZ$1.1 billion (US$765 million). However, net profits fell about 60 per cent from NZ$164.6 million last year to NZ$66.2 million this year.

Chief executive Graeme Stephens said about the results: “A wide range of strategic decisions and actions have had to be taken to mitigate the impacts of, first, the fire and then the impacts of Covid-19.

“We have rapidly restructured our New Zealand workforce, downsizing it by around 25 percent to ensure SkyCity is positioned to be sustainable in the short to medium term.”

He added: “Our domestic businesses in New Zealand and Adelaide have recovered more quickly than anticipated post reopening which has been encouraging, although the outlook remains unpredictable as we adjust to new social and economic settings.”

About the SkyCity Adelaide expansion, he said: “These projects continue to progress well and remain on-budget and on-time, with the SkyCity Adelaide expansion and Eos by SkyCity, the new 120-room luxury hotel, due to open towards the end of 2020.”

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