'Delayed Economic Recovery in NZ' – SkyCity CEO on 42% Profit Drop

Casino Operator SkyCity Profit Plunges 42 Percent

Auckland hotel and casino operator SkyCity Entertainment Group has reported a 42 percent fall in annual profit to $71.5 million, prompting a trading halt and a $240 million equity raising. Revenue fell 11.1 percent to $825.2 million in the year to June 30, despite customer visits rising 4.6 percent. The company said lower spending per person, due to challenging economic conditions, was to blame. “Our financial results reflect the difficult opera…

SkyCity reports 42% drop in underlying profit, fall in revenue

The casino operator also said revenue was down 11 percent, but reported a small net profit.

'Delayed economic recovery in NZ' – SkyCity CEO on 42% profit drop

Casino and hotel operator SkyCity Entertainment Group’s annual profit dropped 42% to $71.5 million and it today confirmed an expected equity raise of $240m....

SkyCity announces US$140 million equity raising on continued economic weakness, lower customer spend

New Zealand’s SkyCity Entertainment Group has announced a series of balance sheet initiatives aimed at boosting liquidity and reducing leverage while it “navigates [a] period of continued economic weakness” in the ANZ market. The NZ$240 million (US$140 million) equity raising, which includes a NZ$81 million (US$47 million) institutional placement and NZ$159 million (US$93 million) entitlement offer, comes despite the company reporting some posit…