SkyCity Entertainment Group Limited (ASX:SKC) Releases 1H25 Financial Results
Financial Performance
SkyCity Entertainment Group Limited reported first-half 2025 revenue of $422 million, a 5% decrease compared to the previous comparable period. The company’s EBITDA stood at $113 million, representing a 22% decline. Reported net profit after tax (NPAT) was $6 million, down 73%, while underlying NPAT was $38 million, a 41% decrease.
Operational Achievements
The company maintained strong visitation despite market challenges, driven by the successful opening of the Horizon Hotel in August 2024 and progress on the New Zealand International Convention Centre (NZICC). Other operational highlights include the completion of the Sky Tower’s new viewing platform and ongoing construction at NZICC.
Outlook
SkyCity revised the FY25 underlying EBITDA guidance to between $225 million and $245 million, down from the previous range of $245 million to $265 million, citing lower customer spend and higher risk transformation costs. The company also announced no dividend is expected for FY25.
Future Initiatives
SkyCity plans to continue its risk transformation program, invest in online gaming capabilities, and monetize select assets to reduce debt. The company expects the NZICC to generate 500,000 additional visitor days annually and anticipates growth in online gaming operations with the upcoming 2026 regulatory changes in New Zealand.
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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