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SkyCity Records Revenue Increase of Nearly 45 Percent in 2023 Fiscal Year

Posted on August 25, 2023 | 6:53 am

SkyCity Entertainment Group, the well-known entertainment and hospitality company that owns and operates five land-based casinos in Australia and New Zealand, has announced its results for the 2023 fiscal year and the numbers show a massive revenue increase.

The company has reported an increase of 44.9 percent in revenue compared to the 2022 fiscal year, with total group revenue amounting to 962.2 million New Zealand dollars. The fiscal year ended on 30 June 2023.

The revenue increase was somewhat expected as the 2023 fiscal year was the first without any restrictions since the onset of the COVID-19 pandemic. The company also recorded a major increase in earnings before interest, tax, depreciation and amortization, the total amount was 165.9 million New Zealand dollars, which represents an increase of 71.1 percent year-on-year.

However, SkyCity Entertainment Group did not manage to record the net profit it might have wanted because the company had to make a provision of 45 million Australian dollars due to the AUSTRAC proceedings against SkyCity Adelaide and an impairment of another 45 million Australian dollars for the Adelaide Casino license.

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Gaming Revenue on the Rise

The 2023 fiscal year brought an increase of 51 percent in gaming revenue for the company to a total amount of 759.4 million New Zealand dollars, with the main chunk of that revenue coming from electronic gaming machines.

The company noted that revenue from electronic gaming machines has surpassed pre-COVID levels by 27 percent and that demonstrates “a structural change” in the operator’s earnings. Table games generated revenue of 231 million New Zealand dollars during the last fiscal year, 50 percent higher than the previous year but 11 percent lower than in 2019, the last year before the pandemic.

SkyCity Auckland, the company’s flagship property, generated most of the revenue, with 444.9 million New Zealand dollars coming from gaming revenue and another 123.9 million from non-gaming revenue. Both figures were more than 70 percent higher than what the property generated in the 2022 fiscal year.

SkyCity Adelaide also reported an increase of 22.2 percent in gaming revenue to 170.8 million Australian dollars, while the non-gaming sector generated 65.4 million Australian dollars, 46.3 percent higher than the previous year.

Source: “SkyCity reports 45% increase in FY23 revenues but profit hit by Adelaide regulatory impairment“Inside Asian Gaming. August 23, 2023.

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