SkyCity lowers FY guidance, conditions still challenging

(Image: NZME)

Thu, 20 Feb 2025

SkyCity Entertainment Group says ongoing “challenging market conditions” weighed on its first-half result and it lowered its full-year guidance.For the six months to Dec 31, the casino operator reported underlying net profit of $37.8 million, down 41.5% on the year because of lower earnings and increased costs. Reported net profit fell 73% to $6m and includes a $31.7m impact from a settlement with Revenue South Australia of interest on gaming duty.Group revenue was $422m, down 5%. Group earnings...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Services

MPI investigates school lunch provider

Investigation after complaint about 'inaccurate labelling' of school lunches.

Cécile Meier 6:25pm

Markets Market Close

Spark share collapse leads NZ sharemarket down

The S&P/NZX 50 Index closed down 0.99% or 127.78 points.

Tom Raynel 6:20pm

Spark share collapse leads NZ sharemarket down

Infrastructure

‘Tweak’ viewshafts to enable more Auckland high-rises

Chris Bishop wants to maximise opportunities from the $5.5b City Rail Link project.

Oliver Lewis 4:15pm

‘Tweak’ viewshafts to enable more Auckland high-rises

Sponsored

A taste of NZ luxury at 40,000ft

Singapore Airlines upgrades in-flight dining with Sid Sahrawat.

Singapore Airlines

Sponsored

Study NZ’s top MBA – on your terms

A world-class master's that fits around work and family life.

University of Aukland Business School

More Markets

Markets Market Close

Spark share collapse leads NZ sharemarket down

The S&P/NZX 50 Index closed down 0.99% or 127.78 points.

Tom Raynel 6:20pm

Markets

Spark valuation plummets $1 billion as profit crashes

Spark has reported a 78% fall in net profit to $35 million in the first half of its 2025 financial year and reduced its full-year operating earnings guidance. However, it has maintained its revised full-year dividend guidance.Shares – already down 42% over the past year after two...

Staff reporters 1:10pm

Markets

Genesis weathers a tough winter

Genesis took a $59m gas hit, but still made $70m profit.

Ian Llewellyn 12:20pm

Markets

Sky TV takes a financial hit

Sky Network Television reported a net loss after tax of $1.7 million in what it has been described as a “challenging” and “difficult” six months, with the broadcaster's attention focused on moving its customers to a new satellite because of the ailing Optus D2 satellite.The p...

Staff reporters 10:25am

SkyCity lowers FY guidance, conditions still challenging

More Markets

Your company has a subscription

Team