{"id":777048867,"date":"2026-10-21T07:10:56","date_gmt":"2026-10-21T10:10:56","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777048867"},"modified":"2026-10-21T07:31:04","modified_gmt":"2026-10-21T10:31:04","slug":"skycity-online-casino-dividends","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/skycity-online-casino-dividends","title":{"rendered":"SkyCity targets FY28 dividend return as it advances online casino plans and reviews takeover interest"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">SkyCity aims to resume dividend payments in FY28, subject to meeting its financial and capital management objectives.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key takeaways:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>SkyCity aims to resume dividend payments in FY28, subject to meeting its financial and capital management objectives.<\/li>\n\n\n\n<li>The group secured the right to apply for two New Zealand online casino licences at NZ$15m (US$8.5m) each.<\/li>\n\n\n\n<li>SkyCity targets NZ$70m (US$39.8m) in cost savings in FY28, up from NZ$30m (US$17m) in FY27.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">New Zealand.- <strong>SkyCity Entertainment Group<\/strong> is targeting a return to dividend payments in FY28 as it advances its online casino plans, reduces debt and evaluates potential acquisition interest in the group. Speaking at the company\u2019s <strong>Annual Shareholders\u2019 Meeting<\/strong> on October 21, CEO <strong>Jason Walbridge<\/strong> said the business was in a stronger position than a year earlier, despite a challenging FY26.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company reported underlying revenue of NZ$822.7m (US$467.3m) for FY26, broadly flat year-on-year, while underlying Group EBITDA fell 22.3 per cent to NZ$181.6m (US$103.1m). Gaming revenue declined 5.9 per cent, reflecting the implementation of carded play across its New Zealand casinos and weaker premium play.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Online casino expansion&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">SkyCity has secured the right to apply for <strong>two licences<\/strong> in New Zealand\u2019s regulated <a href=\"https:\/\/focusgn.com\/asia-pacific\/new-zealand-online-casino-licences\" target=\"_blank\" rel=\"noopener\">online casino market<\/a>, at NZ$15m (US$8.5m) per licence. Walbridge said the decision to pursue two rather than the maximum three available licences was a capital allocation choice designed to maintain the group\u2019s risk-adjusted return on capital targets. The company is now preparing its applications ahead of the market\u2019s expected launch in the second half of FY27.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Walbridge said SkyCity expects to compete through its established local brand, operating experience and understanding of host responsibility and anti-money laundering requirements. \u201cWe believe we can compete strongly in this important market,\u201d he said, adding that the group would closely monitor advertising levels as competition develops. The new market is estimated to be worth more than NZ$1bn (US$568m) annually, according to <strong>chairman Julian Cook<\/strong>\u2019s address.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Cost-reduction programme<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">SkyCity is progressing a cost-reduction programme targeting NZ$30m (US$17m) in realised benefits in FY27, rising to NZ$70m (US$39.8m) in FY28. The programme includes organisational changes affecting around 250 positions, supplier contract reviews and greater use of technology, including artificial intelligence. The group also expects its asset monetisation programme to generate close to NZ$300m (US$170.4m) in gross proceeds by December 2026, supporting debt reduction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As for a possible takeover, two unsolicited, non-binding and highly conditional proposals received earlier in the year were unanimously rejected as opportunistic and undervaluing the business. SkyCity has since received no improved proposals, but Cook said the board remains aware of continued interest. <a href=\"https:\/\/focusgn.com\/asia-pacific\/skycity-appoints-ubs-and-chapman-tripp-for-takeover-talks\" target=\"_blank\" rel=\"noopener\">UBS and Chapman Tripp<\/a> have been appointed as financial and legal advisers, respectively. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SkyCity is also pursuing a formal sale process for its <a href=\"https:\/\/focusgn.com\/asia-pacific\/skycity-considers-adelaide-casino-sale-amid-profit-fall\" target=\"_blank\" rel=\"noopener\">Adelaide casino business<\/a>, following an agreement in principle with South Australia\u2019s Minister of Consumer and Business Affairs to resolve outstanding regulatory matters. The proposed settlement includes a A$21m fine and governance and operating requirements. Meanwhile, the New Zealand International Convention Centre, which opened in February, is expected to support growth in Auckland alongside the City Rail Link.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite subdued consumer conditions in New Zealand and Australia, Walbridge said first-quarter FY27 revenue was tracking in line with expectations and the cost-saving programme was ahead of schedule, with around a quarter of its targeted annual benefits already achieved. \u201cWe have a clear plan that we are executing against, the foundations are in place, and we are confident in what it can deliver,\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He added: \u201cOur transformation still has further to go: reducing debt, improving underlying EBITDA and cash flow continue to be our principal focuses\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SkyCity aims to resume dividend payments in FY28, subject to meeting its financial and capital management objectives.<\/p>\n","protected":false},"author":226,"featured_media":777048869,"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 targets a return to dividend payments in FY28, underpinned by strategic initiatives including securing rights for two New Zealand online casino licences and an aggressive cost-reduction programme aiming for NZ$70m in savings by FY28. The group is also pursuing asset monetisation and navigating M&A interest, while addressing regulatory matters concerning its Adelaide casino.","focusai_entities":"SkyCity Entertainment Group, Jason Walbridge, Julian Cook, UBS, Chapman Tripp","focusai_location":"New Zealand, Australia, Auckland, Adelaide, South Australia","focusai_target_profile":"ceo_executive (1.0), regulator (0.9), compliance_legal (0.9), operator_casino (0.9), affiliate_publisher (0.7), tech_data (0.7), payments_fraud_aml (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"NZ Online Casino NGR?","query":"What is SkyCity's projected Net Gaming Revenue (NGR) contribution from the New Zealand online casino vertical in its first full year of operation, and how does this align with the group's overall EBITDA recovery targets?"},{"label":"Adelaide Settlement Impact?","query":"Beyond the A$21m fine, what specific governance and operating requirements are stipulated in the Adelaide casino settlement, and how might these influence SkyCity's broader regulatory compliance frameworks?"}],"footnotes":""},"categories":[16336,157],"tags":[24826,24411],"class_list":["post-777048867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-business","tag-skycity-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777048867","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\/226"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777048867"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777048867\/revisions"}],"predecessor-version":[{"id":777048876,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777048867\/revisions\/777048876"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777048869"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777048867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777048867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777048867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}