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SkyCity bullish amid better than expected financial figures

Tue, Sep 8, 8:28am by Mia Chapman

SkyCity Entertainment Group has released its financial year results, with its result at the top end of its guidance range, despite the COVID-19 pandemic and fire to the New Zealand International Convention Centre in late 2019.

Kalkine Media reports total reported revenue was up 36.8 per cent at the New Zealand based operator, however normalised revenue fell 34.3 per cent, year-on-year.

Sky’s online casino witnessed substantial growth during the reporting period, with Sky share prices up almost four per cent on the back of their yearly results.

More than 35,000 customer registrations have been noted on SkyCity’s online casino, which has been delivering a positive EBITDA since April 2020.

SkyCity had a strong balance shot post the implementation of its funding plan, with it now in a position to withstand any additional downside shocks.

It’s Adelaide expansion is also reported to be well on track, expected to open in late 2020.

At its New Zealand properties, domestic businesses retrieved at a faster rate than expected between June 1 and August 11.

Positive local gaming activity was noted during the period, with Auckland returning to, and Hamilton beyond their pre-COVID-19 levels.

Electronic gaming machine performance was especially strong across Auckland and Hamilton, with significant improvement noted in operating margins.

Nearly 15,000 new customer registrations were noted at Sky’s online casino for the three months to 31 August, it said.

SkyCity’s revamp set to finish before Christmas

South Australia’s new and improved SkyCity Adelaide Casino is on track to be completed in the coming months, with bookings already being taken from December.

News.com.au reported in August that the casino’s $330 million worth of upgrades will see 120 rooms, restaurants, a wellness centre with a spa, pool and gym and a bar with 360 degree views feature at the revamped complex.

The New Zealand based casino operator’s new launch will rival James Packer’s $2.2 billion Crown Sydney opening at Barangaroo early next year, with its hospitality precinct hoping to open in December.

It is a popular time for casino’s to undergo facelifts, with the Star group working towards the rejuvenation of its Gold Coast complex. Scheduled to be ready in early 2022.

The South Australian government is hopeful the new casino will attract interstate and international tourists to the 12-storey complex once borders reopen.

SkyCity Adelaide general manager David Christian said the complex was due to open at the end of November and it was recruiting 800 staff.

He said refurbishments on the existing casino were also near completion.

“One of the key features has been focusing on that it’s a true SA venue; whether it be with the art work all sourced locally, our food and wine list, down to local fashion designer Liza Emanuele designing all our new uniforms,” Mr Christian said.

“It will make an extremely unique product and be equally one of the best casino, entertainment venue products in Australasia.”

“We’re already taking bookings for December 1. We’re expecting to open the last week of November. We’ll be trial running to make sure it’s perfect.”

South Australia’s Premier Steven Marshall said the construction was on time and on budget.

“Coronavirus has kept the number of people coming from overseas and interstate extraordinarily low but when this opens, I think we’ll be coming out of the coronavirus and will be attracting more people to come to the state,” he said.

“SA has needed an upgrade to its higher end accommodation…the product we have coming online in SA now compares favourably with anything on offer around the country.

“There are markets that require this super high level product which we were missing.

Prices for basic hotel rooms start at $420.


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