SkyCity FY22 results negatively impacted by COVID-19 disruptions

SkyCity Entertainment Group has reported a 145% decline in normalised profit after tax for the six months to 31 December 2021, with normalised EBITDA declining by 69%.

skycity fy22

The operator noted that such declines were due to COVID-19 disruptions, saying: “The first half of the 2022 financial year was another challenging period for SkyCity with the company’s financial performance being materially impacted by significant COVID-19 disruptions, particularly in Auckland where the SkyCity Auckland business was closed for 107 days.

“When open without restrictions, the New Zealand domestic gaming business performed well, however the company’s tourism related businesses continued to be negatively impacted by international border closures.”

SkyCity Online Casino revenue and earnings did, however, grow over the period, with around 10,000 active customers weekly.

The company also highlighted its expanded strategic partnership with Gaming Innovation Group Inc through proposed equity investment, as well as its progress on the further enhancement of its group-wide AML programme, which included senior AML appointments.

“COVID-19 has continued to extensively impact the business and operations at each of SkyCity’s properties in the first half of the financial year,” said SkyCity CEO Michael Ahearne.

“Government mandated lockdowns resulted in the closure of SkyCity Auckland for 107 days, SkyCity Hamilton for 65 days, SkyCity Queenstown for 22 days and SkyCity Adelaide for eight days. When permitted to reopen, the properties have operated under significant constraints due to restrictions on mass gatherings and physical distancing requirements and I’m extremely proud of how the SkyCity team has adapted to those challenges.

“What we have observed is that our New Zealand domestic gaming business demonstrates resilience and is quick to rebound when operating without restrictions.”

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