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SkyCity FY24 results: Revenue up 0.3%, reported net loss reaches NZ$143.3m

The net loss was in part due to the impairment of SkyCity Adelaide assets and tax adjustments.

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SkyCity has announced its group earnings for the financial year 2024. 

The group's underlying revenue stood at NZ$959.6m ($590.7m), an increase of 0.3%, while underlying EBITDA was at NZ$277.8m; an 8% decrease, explained by the company as being due to a change in revenue mix and ongoing investment in key parts of the business.

Underlying group net profit after tax (NPAT) was also down 7.2% to NZ$123.2m, a reflection of lower earnings impact.

The group's reported revenue meanwhile amounted to NZ$928.5m, up 0.3%, while group reported EBITDA was down 16.7% to a sum of NZ$138.2m. It was attributed to a difficult operating environment and the impact of significant accounting adjustments - likely in reference to several fines paid by the operator this year. 

Group reported NPAT however came to a loss of NZ$143.3m, a 1,897.4% decrease impacted by a number of factors. This includes the impairment of SkyCity Adelaide assets worth about AU$86.2m ($94.3m) and a NZ$129.6m tax adjustment following New Zealand tax legislation amendments. The disparity between the operator's underlying NPAT and reported NPAT is clear, with one reporting a profit and the other reporting a loss. Either way, despite relative stagnation in overall profits, it is clear that other financial burdens have had an impact on the business' overall profits. 

SkyCity had successfully refinanced selected tranches of debt maturing in 2025 and 2026, which include a new issue of USPP notes worth $150m over a 7-year tenure and $217.5m of extended syndicated bank facility tranches.

SkyCity CEO Jason Walbridge said: “SkyCity is coming off a very challenging financial year, with the combination of the soft economy, cost-of-living pressures in both New Zealand and Adelaide, and responding to various regulatory matters.”

The group would be focusing on the opening of the NZICC and the regulation of online casino gambling in New Zealand. 

SkyCity has seen several challenges this year, including its SkyCity Adelaide case and the recent five-day shutdown ordered by the Department of Internal Affairs (DIA).


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