SkyCity Entertainment 1H23 revenue up 60%

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.

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Peter Lynch

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Peter Lynch is a journalist and former Staff Writer for Gambling Insider, where he worked from October 2020 to March 2023. During his tenure, Peter was responsible for writing news articles and feature content that explored major developments across the global gambling and iGaming industries.

He regularly interviewed leading executives and industry figures to bring firsthand perspectives on regulatory changes, commercial strategy and emerging market trends to Gambling Insider’s professional B2B audience.

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