SkyCity H1 revenue falls 2.4% to NZ$411.7m

SkyCity Entertainment Group reported lower earnings for the first half of FY2026, reflecting regulatory changes and operational adjustments across its New Zealand and Australian properties.

For the six months ended 31 December 2025, group revenue reached NZ$411.7m (US$245.4m), down 2.4% year-on-year. Underlying EBITDA fell 28.4% to NZ$85.5m from NZ$119.5m in the prior period, while reported net profit after tax was NZ$12.1m. The company stated that no dividend is expected for the period.

The decline was primarily attributed to reduced gaming activity following the introduction of mandatory carded play across New Zealand casinos from July 2025, as well as lower premium table volumes in Auckland and Adelaide. Non-gaming operations, including hotels and food and beverage, partially offset the decline.

Operating costs increased due to continued investment in anti-money laundering controls, host responsibility measures and technology systems, alongside pre-opening expenses linked to the New Zealand International Convention Centre (NZICC).

The NZICC opened on 11 February 2026, with conferences and live events already underway. SkyCity indicated the venue is expected to support future visitation across its Auckland precinct. 

The group is also reviewing asset monetisation options and targeting approximately NZ$500m in proceeds by February 2027.

SkyCity is preparing to participate in New Zealand’s proposed regulated online casino market, expected to open between December 2026 and June 2027, subject to legislation. 

The company expects improved earnings in the second half of FY2026 driven by convention centre activity and the absence of one-off costs recorded earlier in the year.

In February 2026, SkyCity appointed Blair Woodbury as CFO, part of a broader programme focused on governance and financial stability. The operator also secured a 15-year renewal of its Queenstown casino licence in November 2025.