{"id":777018392,"date":"2024-08-22T09:38:49","date_gmt":"2024-08-22T12:38:49","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777018392"},"modified":"2026-04-22T06:54:09","modified_gmt":"2026-04-22T09:54:09","slug":"skycity-posts-full-year-net-loss-of-us88-23m","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/skycity-posts-full-year-net-loss-of-us88-23m","title":{"rendered":"SkyCity posts full-year net loss of US$88.23m"},"content":{"rendered":"\n

The company reported revenue of NZ$928.5m.<\/p>\n\n\n\n\n\n\n\n

New Zealand.-\u00a0SkyCity Entertainment Group\u00a0<\/strong>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)<\/strong> due to accounting adjustments, including an AU$86.2m (US$57.5m) impairment of the SkyCity Adelaide assets and a tax adjustment<\/a> of NZ$129.6m (US$78.4m) following changes to New Zealand tax legislation.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

See also: <\/strong>New Zealand to introduce licensing system for online casinos<\/a><\/p>\n\n\n\n

Jason Walbridge<\/a>, SkyCity\u2019s 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.<\/p>\n\n\n\n

“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.”<\/p>\n\n\n\n

For fiscal 2025, the group expects underlying group EBITDA of between NZ$245m (US$150.94m) and NZ$265m ($163.27m). It doesn\u2019t expect to pay a dividend.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company reported revenue of NZ$928.5m.<\/p>\n","protected":false},"author":176,"featured_media":18781,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"SkyCity Entertainment Group reported a net loss after tax of NZ$143.3m for FY24, primarily due to an AU$86.2m impairment of SkyCity Adelaide assets and a NZ$129.6m tax adjustment from New Zealand legislative changes. While overall revenue marginally increased by 0.3% to NZ$928.5m, gaming revenue declined by 2.9%, with online gaming revenue experiencing a significant 39.2% drop. The company forecasts an underlying group EBITDA of NZ$245m-NZ$265m for FY25 but does not anticipate paying a dividend.","focusai_entities":"SkyCity Entertainment Group, Jason Walbridge","focusai_location":"New Zealand, Auckland, Adelaide, Hamilton","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.9), operator_casino (0.9), affiliate_publisher (0.7), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"FY25 EBITDA Drivers?","query":"What specific operational efficiencies or market improvements are projected to drive SkyCity's anticipated underlying EBITDA recovery to NZ$245m-NZ$265m in FY25, given the current challenging economic environment and regulatory headwinds?"},{"label":"Online Gaming Strategy?","query":"How does SkyCity plan to address the substantial 39.2% decline in online gaming revenue, particularly in light of New Zealand's impending online casino licensing system, and what strategic adjustments are being considered for this vertical?"}],"footnotes":""},"categories":[16336,163],"tags":[24411],"class_list":["post-777018392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news","tag-skycity-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777018392"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018392\/revisions"}],"predecessor-version":[{"id":777018420,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018392\/revisions\/777018420"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18781"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777018392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777018392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777018392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}