SkyCity weathers economic turbulence in half-year results

SkyCity Entertainment has released its financial results for the six-month period ending December 31, 2023.

Underlying Group revenue of $490.2m was up 0.6 per cent on the prior corresponding period with underlying Group EBITDA of $146.3m down 9.6 per cent on the prior corresponding period. 

Reported Group revenue of $445.2m was down 3.7 per cent and reported Group EBITDA of $101.0m was down five per cent compared to the same period last year.

CEO, Michael Ahearne, said: “The challenging economic climate impacted our business this half, particularly in domestic electronic gaming machine revenues. Pleasingly, our hospitality businesses and table games in Auckland have performed well. However, we also see ongoing cost inflation in addition to our further investment in compliance activities.”

The company also delivered an update on the transition of their CEO, confirming outgoing position holder Michael Ahearne will step down on March 8, 2024 while Callum Mallett, currently SkyCity’s chief operating officer New Zealand, will step into the role of interim CEO on March 9.