SkyCity Entertainment 1H23 revenue up 60%

SkyCity Entertainment Group has reported revenue of NZ$462.6m (US$290.9m) for the six months to 31 December 2022 (1H23), a 60% increase from the prior-year period.

Listen To Article

Net profit after tax (NPAT) climbed 168% year-on-year to NZ$22.8m, with EBITDA climbing 421% year-on-year to NZ$106.3m.

A total of 58% of revenue arose from its Auckland operations, with 28% from Adelaide, 8% from Hamilton and 1% from Queenstown. The group’s international business accounted for 3% of total revenue, with online accounting for 2%.

It was a similar pattern in terms of EBITDA, with Auckland leading the way with 71% of the total. Adelaide and Hamilton followed with 13% and 11% contributions respectively, with Queenstown representing 1% of total EBITDA. Online and international business switched importance compared to revenue, with the former representing 3% and the latter representing 1% of total EBITDA.

SkyCity Auckland, which recorded revenue of NZ$222.4m, posted record normalised EBITDA “driven by revenue recovery and favourable business mix,” as noted by the company. The group also noted a noticeable recovery in international tourism in Q2, with SkyCity attractions such as Sky Tower and Weta Workshop benefitting from such tourism.

SkyCity Hamilton revenue amounted to NZ$34.5m, with record 1H23 normalised EBITDA, “benefitting from a strong economy and margin efficiencies.”

SkyCity Queenstown revenue was NZ$5.6m, while SkyCity Adelaide posted revenue of NZ$91.3m for the period.

There were no forced property closures for all three New Zealand venues due to Covid-19 throughout the period, compared to 107 days closed for Auckland in 1H22, 65 for Hamilton, and 21 for Queenstown.

Casino News Sponsor
Premium+ Connections
Premium Connections
Executive Profiles
Wynn Macau
MGM Resorts Japan
Bloomberry Resorts Corporation
Sightline Payments

Global Gaming Awards Asia: What to expect in 2023

Gambling Insider looks ahead to the Global Gaming Awards Asi...

The power of the rebrand

With the help of industry experts, Gambling Insider Editor T...

Evolution Europe CEO Gionata La Torre: The Italian job

Evolution Group’s new CEO Europe, sits down with Gambling...

Big Question: How can slots innovate from here?

Simon Hammon, CEO of Relax Gaming, Erkki Nikunen, Partner &...

Read Magazine

30 March, 2023

Wilfred Wong: Macau “cannot just rely on gaming”

Sands China’s President and Executive Director, Wilfred Wong, has echoed earlier calls by the Chinese Government to diversify the gambling province of Macau.