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 operating environment we’ve navigated in FY25,” CEO Jason Walbridge said.
“The delayed economic recovery in New Zealand has led to lower discretionary spend, impacting our business, and that has come through the same time as a period of elevated investment.”…
Casino Operator SkyCity Profit Plunges 42 Percent
