• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 30 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

SkyCity to recognize US$136 million impairment, tax adjustment on Adelaide and Auckland assets

Newsdesk by Newsdesk
Mon 19 Aug 2024 at 06:25
Commissioner orders immediate resumption of independent review into SkyCity Adelaide operations

SkyCity Adelaide

76
SHARES
1.9k
VIEWS
Print Friendly, PDF & Email

SkyCity Entertainment Group revealed early Monday that it expects to impair its Australian integrated resort assets at SkyCity Adelaide to the tune of AU$86.2 million (US$57.5 million), reflecting assumptions related to the introduction of mandatory carded play at the SkyCity Adelaide casino in 2026, as well as additional legal and compliance costs associated with SkyCity Adelaide’s uplift programs.

The company also expects to record a tax adjustment of NZ$129.6 million (US$78.4 million) following recent changes to New Zealand tax legislation that no longer allow owners to depreciate commercial buildings with an estimated useful life of 50 years or more for tax purposes.

Both the impairment and tax adjustment are non-cash, SkyCity said, and do not impact the group’s underlying EBITDA or net profit after tax for the financial year ended 30 June 2024.

Despite the impairment, SkyCity said it remains committed to implementing mandatory carded play across its casinos as this will significantly increase its visibility and control of customer play, and simplify many parts of its current AML/CTF and host responsibility operations.

The company, which recently reached an AU$67 million (US$40.5 million) settlement agreement with AUSTRAC related to breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, added that the primary objective over the coming years is to ensure SkyCity has strongly performing risk management systems, a culture which prioritises compliance with SkyCity’s obligations and customer care, and a business which is seen as a good corporate citizen, worthy of retaining its casino licences.

“The impairment is a non-cash accounting adjustment at balance date. SkyCity Adelaide continues to be a strategically important asset within the wider SkyCity Group,” said SkyCity CEO Jason Walbridge.

The adjustment related to a change in New Zealand’s tax legislation results in an increase in the SkyCity Group’s deferred taxation liability of NZ$129.6 million and a corresponding one-off charge to tax expense of NZ$129.6 million because the tax base, from a depreciation perspective,of its New Zealand buildings is effectively reduced to nil, SkyCity explained.

In more positive news, the company revealed via a separate filing Monday that it has finalized agreements to extend NZ$465 million (US$281 million) of debt facilities across three, four and seven-year maturities, utilizing a combination of its United States Private Placement (USPP) program and its syndicated revolving credit facility.

The transactions will ensure SkyCity has no debt maturing before May 2027, followed by a “balanced distribution” of debt maturities between FY27 and FY31.

“We are very pleased to have finalized these key funding extensions and would like to thank both our bank syndicate and USPP lenders for their ongoing support,” said Walbridge. “With this important refinancing in place, we can continue to focus on our business transformation programs and opportunities in front of us.”

RelatedPosts

Macau GGR down 12.7% month-on-month to MOP$17.3 billion in September, lowest of the year

Macau government collects US$1 billion in gaming tax revenue in July

Mon 25 Aug 2025 at 13:34
Death by a thousand cuts

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

Thu 21 Aug 2025 at 05:11
Commissioner orders immediate resumption of independent review into SkyCity Adelaide operations

SkyCity Adelaide found suitable to retain casino license following independent review

Wed 13 Aug 2025 at 05:14
SkyCity launches mandatory carded play across its three New Zealand casinos

SkyCity launches mandatory carded play across its three New Zealand casinos

Wed 23 Jul 2025 at 09:44
Load More
Tags: impairmentNew ZealandSkyCity adelaideSKYCITY Entertainment Grouptax
Share30Share5
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

All your sports entertainment with SABA Sports – always fair and sharp since 1998.

All your sports entertainment with SABA Sports – always fair and sharp since 1998.

by Newsdesk
Fri 29 Aug 2025 at 18:57

CLIENT PROMOTION Since 1998, SABA Sports has stood as the trusted backbone of the world’s most respected sports betting brands. Built on real-time intelligence and operational excellence, we have earned our reputation as the definitive partner for leading operators worldwide....

Newly appointed Thai PM Paetongtarn Shinawatra expected to continue pursuit of legalized casinos

Thai casino bill dead in the water as Constitutional Court removes Prime Minister Paetongtarn Shinawatra from office

by Ben Blaschke
Fri 29 Aug 2025 at 18:44

Thai Prime Minister Paetongtarn Shinawatra has been removed from office for ethics violations after the Constitutional Court ruled 6-3 against her on Friday. She becomes Thailand’s sixth Prime Minister to be removed by a court or legal ruling since 2008...

Australia’s Star Entertainment Group says available cash halved in December 2024 quarter as liquidity crunch bites again

Star Entertainment Group falls to AU$471.5 million loss in FY25 as remediation, regulatory hurdles continue to bite

by Ben Blaschke
Fri 29 Aug 2025 at 07:38

Australia’s Star Entertainment Group has reported a statutory loss of AU$471.5 million (US$308 million) for the financial year ended 30 June 2025, impacted by a 29% year-on-year decline in group-wide revenue including a 37% fall in gaming revenue. Although the...

Resorts World Las Vegas – Lighting up the north

Recovery of VIP gaming business helps Genting’s Resorts World Las Vegas book improved revenues of US$180 million in 2Q25

by Ben Blaschke
Fri 29 Aug 2025 at 05:30

Resorts World Las Vegas (RWLV), the US flagship of Malaysian gaming giant Genting Berhad, saw revenues grow by 8% quarter-on-quarter to US$180 million and EBITDA by 80% to US$18 million in 2Q25, with the company pointing to improved hold and...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English