Australia and New Zealand-based casino operator SkyCity Entertainment Group has revised down its 2025 guidance after revenue and EBITDA both fell in the first half of the company’s financial year.
SkyCity said lower spend per visit was a key factor in revenue declining five per cent year-on-year to NZ$422m.
EBITDA fell 22 per cent to $113m due to the impact of lower revenue and responsible gaming efforts, it added.
Reported net profit after tax for the latest six-month period was $6m, down 73 per cent, and factors in the $31.7m impact from the settlement with Revenue South Australia of interest on gaming duty.
SkyCity CEO Jason Walbridge said the company is operating in “challenging market conditions” with “subdued consumer confidence,” but insisted there is “strength” in visitation numbers rising by 10 per cent.
He said the operator now expects FY25 EBITDA of between $225m and $245m, down from previous estimations of between $245m and $265m.
SkyCity said mandatory carded play across all its properties will be introduced in July, which will “impact revenue in the first few years from implementation but is a critical component” of its responsible gaming efforts.
Walbridge said carded play, which will see customers use a SkyCity card with details of money spent and time elapsed in their playing sessions, “represents a step change in host responsibility and customer care.”
SkyCity is also looking forward to the opening of the New Zealand International Convention Centre (NZICC), which Walbridge said could add around 500,000 visitor days a year to SkyCity Auckland and provide a “significant uplift to the wider Auckland and New Zealand economies.”
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