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.