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SkyCity reports US$21m loss for FY22

SkyCity has reported a NZ$33.6m (US$21m) loss for the year ended 30 June 2022, largely due to the closure of its flagship property in Auckland for 107 days during H122 due to pandemic-related restrictions.

sky city

The group’s Hamilton property was forced to close for 65 days, with its Queenstown property closed for 22 days.

The operator reported a 33% year-on-year decline in revenue to NZ$639m. Its Auckland property represented the majority of such revenue at NZ$330.6m, followed by Hamilton and Queenstown at NZ$56.2m and NZ$10.2m respectively.

NZ Other and the group’s Adelaide property reported totals of NZ$3.8m and AU$184.5m (US$128.6m) respectively.

SkyCity reported EBITDA of NZ$96.9m for FY22, down 69% from the prior-year period. Auckland once again led the way with EBITDA of NZ$100.9m.

Hamilton and Queenstown reported figures of NZ$24.5m and NZ$3m respectively, with Adelaide posting a total EBITDA of AU$20.5m.

SkyCity noted that its strategic priorities remain unchanged, with a focus on continuous improvement in operational performance, and on maximising the value of exclusive casino licences. The operator added that it is now a unique opportunity to monetise omnichannel and consolidate on its leadership position in the gaming industry.

The group also announced the retirements of two executives, with Jennifer Owen intending to retire as a Director of the SkyCity Board at the group’s 2022 annual meeting on 28 October, and Sue Suckling intending to retire as a Director of the SkyCity Board in early 2023.

Earlier this week, The Star Entertainment Group reported revenue of AU$1.53bn (US$1.05bn) for the 12 months ended 30 June 2022, a 2% decline from the prior-year period.


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