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.

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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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