SkyCity reports US$21m loss for FY22

Home » SkyCity reports US$21m loss for FY22

SkyCity has reported a NZ$33.6m (US$20.9m) loss for the fiscal year ended 30 June 2022, owing primarily to the 107-day closure of its flagship property in Auckland due to pandemic-related restrictions during 1H22.
The group’s Hamilton location was forced to close for 65 days, while its Queenstown location was forced to close for 22 days.
Revenue fell 33% year on year to NZ$639 million, according to the operator. Its Auckland property generated the most revenue, at NZ$330.6 million, followed by Hamilton and Queenstown, at NZ$56.2 million and NZ$10.2 million, respectively.

NZ Other and the group’s Adelaide property reported totals of NZ$3.8 million and AU$184.5 million (US$128.6 million), respectively.

SkyCity reported EBITDA of NZ$96.9m for FY22, a 69% decrease from the previous year. Auckland led the way once again, with an EBITDA of NZ$100.9 million.

Hamilton and Queenstown reported figures of NZ$24.5 million and NZ$3 million, respectively, while Adelaide reported a total EBITDA of AU$20.5 million.

SkyCity stated that its strategic priorities remain unchanged, with a focus on continuous operational performance improvement and maximization of the value of exclusive casino licenses. The operator also stated that it is now a once-in-a-lifetime opportunity to monetise omnichannel and solidify its leadership position in the gaming industry.

Jennifer Owen intends to retire as a Director of the SkyCity Board at the group’s 2022 annual meeting on 28 October, and Sue Suckling intends to retire as a Director of the SkyCity Board in early 2023, according to the group.

The Star Entertainment Group reported revenue of AU$1.53 billion (US$1.05 billion) for the fiscal year ended 30 June 2022, a 2% decrease from the previous year.

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