The casino resorts company saw revenues rise but profits fall in its 2019\/20 financial year.<\/p>\n\n\n\n\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Chief executive Graeme Stephens said about the results: \u201cA 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. <\/p>\n\n\n\n
“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.\u201d<\/p>\n\n\n\n
He added: \u201cOur 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.\u201d<\/p>\n\n\n\n
About the SkyCity Adelaide expansion, he said: \u201cThese 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The casino resorts company saw revenues rise but profits fall in its 2019\/20 financial year.<\/p>\n","protected":false},"author":2,"featured_media":9633,"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 37% increase in revenues to NZ$1.1 billion for FY2019\/20, yet net profits declined by 60% to NZ$66.2 million, primarily due to the impacts of a fire and the COVID-19 pandemic. The company implemented significant workforce restructuring in New Zealand and noted a quicker-than-anticipated recovery in domestic operations, with the SkyCity Adelaide expansion remaining on budget and schedule.","focusai_entities":"SkyCity Entertainment Group, Graeme Stephens, Eos by SkyCity","focusai_location":"Australia, New Zealand, Adelaide","focusai_target_profile":"ceo_executive (0.95), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"FY20\/21 Profit Outlook?","query":"Given the 60% decline in net profits for FY2019\/20 despite revenue growth, what specific operational efficiencies and market recovery trajectories are projected to restore NGR margins and drive profit growth in FY2020\/21, particularly considering the ongoing unpredictability of social and economic settings?"},{"label":"Adelaide Expansion ROI?","query":"With the SkyCity Adelaide expansion and Eos by SkyCity on track for late 2020 opening, what are the projected incremental GGR contributions and EBITDA uplift expected from these new assets, and how will their performance mitigate the broader impacts of market volatility on the group's overall financial performance?"}],"footnotes":""},"categories":[160,16336,163,167],"tags":[289,29,1137],"class_list":["post-9631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-australasia-news","category-finance-news","category-news-region","tag-australia","tag-casino","tag-skycity"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9631","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=9631"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9631\/revisions"}],"predecessor-version":[{"id":9635,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9631\/revisions\/9635"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9633"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=9631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=9631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=9631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}