Casino Operator SkyCity Reports 44.9% Increase in Revenues for FY23

According to the report, revenue growth was a result of a “strong rebound and recovery in trading” in its first full year without pandemic-related closures or restrictions.

The report also reveals a 7.1% increase in earnings before interest, taxes, depreciation and amortization (EBITDA) to NZ$165.9 million (US$98.7 million/€91.25 million). However, despite the strong revenue growth, the group’s net profit after tax of NZ$8.0 million (US$4.8 million/€4.4 million) was significantly impacted by the AU$45 million ($29.2 million/€26.6 million) set aside in relation to an upcoming penalty from the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a result of license breaches at its Adelaide casino.

As a result, the group’s normalized net profit after tax came to NZ$138.8 million (US$82.5 million/€76.3 million).

Gaming revenue for FY23 increased by 51% year-on-year to NZ$759.4 million (US$452 million/€417.8 million). This was driven primarily by electronic gaming machines (pokies) making up 50% of gaming floor revenues for the year. This represents a 27% increase on pre-pandemic levels. Meanwhile, table games revenue grew by 50% year-on-year to NZ$231 million (US$137 million/€126.6 million) compared to the previous reporting period. However, this was a 11% lower than pre-pandemic levels.

SkyCity also reported that non-gaming revenue increased by 59% year-on-year to NZ$207.4 million (US$123 million/€113.7 million).

Chief Executive Officer Michael Ahearne said:

I also want to thank our loyal customers who have continued to enjoy our precincts and we are excited about what we can offer them in the coming year.”

Image credit: Michael Coghlan / CC BY-SA 2.0

Olivia Richardson

Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.