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

Wednesday, February 15, 2023 3:23 PM
  • Ben Blaschke , Inside Asian Gaming

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.

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).