New Zealand · Delayed Price · Currency is NZD SkyCity Entertainment Group Earnings Call Transcripts
Fiscal Year 2026
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FY2026 revenue was broadly flat, but underlying EBITDA fell 22.3% as gaming softened and compliance costs rose. Priorities include asset sales, cost reductions and a two-license online launch; dividends are targeted to resume in FY2028.
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Underlying EBITDA for FY 2026 was NZD 181.6 million, down 22.3% year-over-year, with reported EBITDA at NZD 120.5 million due to accounting adjustments. Asset sales and cost reduction initiatives are on track, while regulatory and macroeconomic factors continue to impact performance and outlook.
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Interim FY2026 results met guidance, with revenue down 2.4% and EBITDA down 28% year-over-year, mainly due to regulatory changes and higher costs. NZICC's opening is expected to drive a stronger second half, while asset monetization and cost-saving initiatives remain key priorities.
Fiscal Year 2025
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The AGM addressed a challenging year marked by declining revenues, a major equity raise, and ongoing regulatory remediation. Strategic priorities include asset sales, digital transformation, and the NZICC opening, with dividends to resume after financial stability is restored.
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FY 2025 saw higher visitation but lower revenue and EBITDA due to economic and regulatory pressures. A $240 million equity raise and $200 million in planned asset sales aim to reduce leverage and support growth, with NZICC and online gaming as key future drivers.
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Revenue and EBITDA declined due to lower spend per visit and increased compliance costs, but strong visitation, asset diversification, and disciplined capital management support resilience. Guidance for FY2025 EBITDA was revised down, with no dividend expected, while major growth drivers include the NZICC opening and online gaming regulation.
Fiscal Year 2024
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The meeting addressed challenging financial results, regulatory compliance, and a multi-year transformation program. Key initiatives include mandatory carded play, the NZICC opening, and preparations for online gaming regulation. Dividends remain suspended, and board renewal and governance enhancements were highlighted.
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FY24 saw flat revenue but an 8% drop in underlying EBITDA, with reported losses due to impairments and regulatory settlements. Regulatory compliance and transformation programs are underway, with mandatory carded play expected to impact uncarded gaming revenue by 15–20%.