SkyCity sees revenues, profit bounce in 1H23 but warns regulatory actions could take two years to resolve

SkyCity sees revenues, profit bounce in 1H23 but warns regulatory actions could take two years to resolve

Article brief provided by Inside Asian Gaming
  • Ben Blaschke , Inside Asian Gaming
February 15, 2023 3:23 PM
  • Ben Blaschke , Inside Asian Gaming
  • Australia

New Zealand’s SkyCity Entertainment Group has reported a 168% increase in net profit after tax to NZ$22.8 million (US$14.5 million) for the six months to 31 December 2022, boosted by a strong rebound in the company’s domestic gaming, hospitality and tourism businesses following the return of international tourism.

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Publishing its 1H23 financial results early Wednesday morning (Auckland time), SkyCity also revealed a 59.6% increase in revenue to NZ$462.6 million (US$293 million) and 421% increase in Group EBITDA to NZ$106.3 million (US$67.4 million).

This was largely driven by flagship property SkyCity Auckland, where gaming revenues climbed 166% to NZ$222.4 million (US$141 million), while SkyCity Adelaide saw a 29.3% increase in gaming revenues to AU$91.3 million (US$63.8 million).