New Zealand casino operator SkyCity Entertainment Group reported underlying net profit down 46.9% to NZ$38 million ($22.5 million) for the financial year ended 30 June. Gaming revenue fell 5.9% as the group rolled out a card-based play system, premium play weakened and foot traffic dropped in the fourth quarter. Total underlying revenue edged down 0.3% to NZ$822.7 million ($487.9 million).
Non-gaming partly offset the decline. Hotel, food and events revenue rose 13.4%, driven by the New Zealand International Convention Centre, which opened in February and hosted 141 events and around 100,000 visitors in under five months. SkyCity expects the centre to draw roughly 350,000 visits in the current financial year.
Adelaide under review
The flagship Auckland property saw gaming revenue fall 11.3% to NZ$317.2 million ($188.1 million) while non-gaming rose 16%. Underlying EBITDA dropped 14.2% to NZ$179.8 million ($106.6 million). Adelaide performed worse: revenue held flat but underlying EBITDA crashed 31.5% to A$19.5 million ($13.9 million). The company wrote down A$43 million ($30.6 million) of the asset's value and will conduct a strategic review of the casino in the first half of this financial year.
SkyCity gave no guidance for 2027, citing macroeconomic uncertainty. The operator is targeting NZ$30 million ($17.8 million) in cost cuts and continues preparing for New Zealand's regulated online casino market.
