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.

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.

We are serious about journalism.

Already a Subscriber ? Sign in here.

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 }}

Economy

How to Be Wrong: summer reading for the PM

Advice on leading for innovation, threats to democracy, gangs, and more.

Pattrick Smellie 2:15pm

The Quiz Free

QuiznessDesk, Friday, Nov 28

Want to show your boss how clever you are?

The Quizmaster 9:15am

Markets

The contest for gentailers isn’t electrons – it’s politics

Big spend, high stakes: gentailers outline plans that depend on political tolerance.

Ian Llewellyn 5:00am

The contest for gentailers isn’t electrons – it’s politics

Sponsored

Spark Accelerate: Are you ready for exponential AI growth?

Spark

Sponsored

Cybersecurity skills gap leaving Kiwi businesses at risk - report

A cybersecurity skills shortage is creating additional cyber risks, according to a new global report.

Fortinet

More Markets

Markets

Port of Tauranga Stella Passage project referred to fast-track process

Staff reporters 12:10pm

Markets

Rakon reports 1H net loss of $3 million

Rakon has reported a net loss of $3 million for the six months to Sept 30, compared with its year-ago $10m loss.Revenue increased 30.2% from the year-ago $41.7m to $54.2m.Underlying earnings before interest, tax, depreciation and amortisation (ebitda) were $3.6m from a year-ago e...

Staff reporters 10:50am