New Zealand’s SkyCity Entertainment Group has reported a 76.1% year-on-year decline in net profit to NZ$78.4 million (US$56.4 million) for the six months to 31 December 2020, impacted by multiple property closures due to COVID-19 and the absence of international business.
Group-wide revenues fell 37.7% for the six-month period to NZ$449.9 million (US$323.8 million), with EBITDA falling 62.6% to NZ$152.6 million (US$109.8 million). The decline included a 24.5% fall in revenues at flagship property SkyCity Auckland to NZ$230.8 million (US$166.1 million), which temporarily closed in August and again in November due to COVID-19 outbreaks in the city.
However the company’s Australian casino, SkyCity Adelaide reported a 15.8% increase in revenues to AU$89.5 million (US$67.0 million) with its own COVID closures offset by completion of an AU$330 million (US$255.7 million) expansion.
Notably, SkyCity reported near zero revenue from its international VIP business, stating a 99.9% decline, but said domestic performance had been stronger than expected.
There were also gains made within the company’s online casino business, with revenues rising from NZ$200,000 (US$144,000) in the first half of 2021 to NZ$7.5 million (US$5.4 million) and EBITDA from a loss of NZ$500,000 (US$359.9 million) to positive EBITDA of NZ$5.4 million (US$3.9 million). The number of registered users grew from 2,700 to 24,400.