{"id":286401,"date":"2023-08-23T06:50:46","date_gmt":"2023-08-23T11:50:46","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=286401"},"modified":"2023-08-24T10:37:20","modified_gmt":"2023-08-24T15:37:20","slug":"casino-operator-skycity-reports-45-year-on-year-jump-in-revenue","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/","title":{"rendered":"Casino Operator SkyCity Reports 45% Year-On-Year Revenue Jump"},"content":{"rendered":"

New Zealand-based gaming operator SkyCity Entertainment<\/a> is lifting COVID-19 travel restrictions. This has helped the company report a substantial revenue increase this year, but they could still face financial issues over pending fines in Australia.<\/p>\n

\"The
The SkyCity Adelaide casino at night. SkyCity Entertainment has seen an improvement in revenue, but ongoing issues of alleged money laundering may cause it to slip. (Image: The Advertiser<\/em>)<\/figcaption><\/figure>\n

SkyCity reported a 44.9% year-on-year increase in revenue for the 12 months from July 2022 to June 2023. The final tally for the period was NZ$926.2 million (US$551 million).<\/p>\n

\n

EBITDA (earnings before interest, taxes, depreciation, and amortization) jumped an impressive 71.1%, closing at NZ$926.2 million (US$551 million). SkyCity’s net profit was just NZ$8.0 million (US$4.8 million) after taxes. That\u2019s still a lot better than the NZ$33.6 million (US$19.98 million) loss it reported in the prior period.<\/p>\n<\/div>\n

Much of that concerns an investigation<\/a> by the Australian Transaction Reports and Analysis Center (AUSTRAC). The financial watchdog is looking into whether the company employed money-laundering tactics similar to those that landed Crown Resorts and Star Entertainment<\/a> in trouble.<\/p>\n

Revenue on the Rise<\/h2>\n

SkyCity reported a 51% year-on-year increase in its gaming revenue, taking in NZ$759.4 million (US$452 million). Electronic gaming machines accounted for 50% of the total and increased by 38% compared to pre-COVID-19 activity.<\/p>\n

\n

Table games earned NZ$231 million (US$137 million), which was 50% more than a year earlier. That figure is 11% lower than the pre-COVID-19 numbers. Nongaming revenue saw the biggest year-on-year increase, reaching a 59% jump to NZ$207.4 million (US$123 million).<\/p>\n<\/div>\n

SkyCity Auckland<\/a> has consistently been the company\u2019s primary earner, which didn\u2019t change in the new period. Gaming revenue saw a year-on-year increase of 70.8% to NZ$444.9 million (US$265 million). Nongaming revenue skyrocketed 76.8% to NZ$123.9 million (US$73.7 million).<\/p>\n

SkyCity waits to learn its fate in Australia over its SkyCity Adelaide casino, so the property is helping it earn extra revenue. Gaming revenue jumped 22.2% to AU$170.8 million (US$110 million), while nongaming revenue registered a 46.3% improvement to AU$65.4 million (US$42.0 million).<\/p>\n

Investigation Ongoing<\/h2>\n

AUSTRAC began its deep dive into the operations at SkyCity Adelaide<\/a> in South Australia (SA) last December. That has led the company to prepare for the worst from the watchdog\u2019s civil case.<\/p>\n

\n

SkyCity believes it could pay as much as AU$45 million (US$29.2 million) provision to settle any eventual fine. That\u2019s how much it has set aside in preparation. Each violation it faces carries a fine of between AU$18 million and AU$22.2 million (US$11.7 million and $14.4 million).<\/p>\n<\/div>\n

SkyCity already took a hit on the property when it included an AU$45.6 million (US$29.3 million) impairment writedown for its license in its latest financial report. It indicated that neither the AUSTRAC provision nor the impairment would impact its normalized earnings.<\/p>\n

SA\u2019s Office of the Liquor and Gambling Commissioner (OLGC) is also looking into the company. SkyCity could face additional penalties once that investigation wraps up.<\/p>\n","protected":false},"excerpt":{"rendered":"

New Zealand-based gaming operator SkyCity Entertainment is lifting COVID-19 travel restrictions. This has helped the company report a substantial revenue increase this year, but they could still face financial issues over pending fines in Australia. SkyCity reported a 44.9% year-on-year increase in revenue for the 12 months from July 2022 to June 2023. The final […]<\/p>\n","protected":false},"author":64,"featured_media":286400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[13363,87003,82489],"acf":[],"yoast_head":"\nCasino Operator SkyCity Reports 45% Year-On-Year Revenue Jump - Casino.org<\/title>\n<meta name=\"description\" content=\"Casino operator SkyCity reports 45% year-on-year jump in revenue, but it still faces issues in Australia that could cost it millions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Casino Operator SkyCity Reports 45% Year-On-Year Revenue Jump - Casino.org\" \/>\n<meta property=\"og:description\" content=\"Casino operator SkyCity reports 45% year-on-year jump in revenue, but it still faces issues in Australia that could cost it millions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-23T11:50:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-24T15:37:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/The-SkyCity-Adelaide-casino-at-night.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erik Gibbs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erik Gibbs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/\",\"url\":\"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/\",\"name\":\"Casino Operator SkyCity Reports 45% Year-On-Year Revenue Jump - Casino.org\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/The-SkyCity-Adelaide-casino-at-night.jpeg\",\"datePublished\":\"2023-08-23T11:50:46+00:00\",\"dateModified\":\"2023-08-24T15:37:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/21bf33e35290a1da9c572298dac6b7ca\"},\"description\":\"Casino operator SkyCity reports 45% year-on-year jump in revenue, but it still faces issues in Australia that could cost it millions.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/The-SkyCity-Adelaide-casino-at-night.jpeg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/The-SkyCity-Adelaide-casino-at-night.jpeg\",\"width\":1280,\"height\":720,\"caption\":\"The SkyCity Adelaide casino at night. SkyCity Entertainment has seen an improvement in revenue, but ongoing issues of alleged money laundering may cause it to slip. (Image: The Advertiser)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Casino Operator SkyCity Reports 45% Year-On-Year Revenue Jump\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/21bf33e35290a1da9c572298dac6b7ca\",\"name\":\"Erik Gibbs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-13-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-13-96x96.png\",\"caption\":\"Erik Gibbs\"},\"description\":\"Erik Gibbs covers global gaming news for Casino.org. His scope includes Europe, Latin America, the Caribbean and Asia. Erik has covered gaming markets in Europe and Asia for the past six years. Erik joined Casino.org in November 2021. Erik has written for numerous gambling- and a handful of industry publications has quoted casino-related media outlets over the years and. He is always excited to bring a new perspective on what's happening in the gaming space. Erik enjoys following the global gaming industry, paying particular attention to innovation and regulation. Originally from the US, Erik has spent extensive time living in various countries across the globe. He enjoys anything that has to do with the outdoors and exploration, although he readily admits that he would have no trouble spending all day fishing on a boat. He currently resides in Spain. Contact Erik at erik.gibbs@casino.org.\",\"url\":\"https:\/\/www.casino.org\/news\/author\/erik-gibbs\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Casino Operator SkyCity Reports 45% Year-On-Year Revenue Jump - Casino.org","description":"Casino operator SkyCity reports 45% year-on-year jump in revenue, but it still faces issues in Australia that could cost it millions.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/","og_locale":"en_US","og_type":"article","og_title":"Casino Operator SkyCity Reports 45% Year-On-Year Revenue Jump - Casino.org","og_description":"Casino operator SkyCity reports 45% year-on-year jump in revenue, but it still faces issues in Australia that could cost it millions.","og_url":"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2023-08-23T11:50:46+00:00","article_modified_time":"2023-08-24T15:37:20+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/The-SkyCity-Adelaide-casino-at-night.jpeg","type":"image\/jpeg"}],"author":"Erik Gibbs","twitter_card":"summary_large_image","twitter_creator":"@Casino_Org","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Erik Gibbs","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/","url":"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/","name":"Casino Operator SkyCity Reports 45% Year-On-Year Revenue Jump - Casino.org","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/The-SkyCity-Adelaide-casino-at-night.jpeg","datePublished":"2023-08-23T11:50:46+00:00","dateModified":"2023-08-24T15:37:20+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/21bf33e35290a1da9c572298dac6b7ca"},"description":"Casino operator SkyCity reports 45% year-on-year jump in revenue, but it still faces issues in Australia that could cost it millions.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/The-SkyCity-Adelaide-casino-at-night.jpeg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/The-SkyCity-Adelaide-casino-at-night.jpeg","width":1280,"height":720,"caption":"The SkyCity Adelaide casino at night. SkyCity Entertainment has seen an improvement in revenue, but ongoing issues of alleged money laundering may cause it to slip. (Image: The Advertiser)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/casino-operator-skycity-reports-45-year-on-year-jump-in-revenue\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Casino Operator SkyCity Reports 45% Year-On-Year Revenue Jump"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/21bf33e35290a1da9c572298dac6b7ca","name":"Erik Gibbs","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-13-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-13-96x96.png","caption":"Erik Gibbs"},"description":"Erik Gibbs covers global gaming news for Casino.org. His scope includes Europe, Latin America, the Caribbean and Asia. Erik has covered gaming markets in Europe and Asia for the past six years. Erik joined Casino.org in November 2021. Erik has written for numerous gambling- and a handful of industry publications has quoted casino-related media outlets over the years and. He is always excited to bring a new perspective on what's happening in the gaming space. Erik enjoys following the global gaming industry, paying particular attention to innovation and regulation. Originally from the US, Erik has spent extensive time living in various countries across the globe. He enjoys anything that has to do with the outdoors and exploration, although he readily admits that he would have no trouble spending all day fishing on a boat. He currently resides in Spain. Contact Erik at erik.gibbs@casino.org.","url":"https:\/\/www.casino.org\/news\/author\/erik-gibbs\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/286401"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/64"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=286401"}],"version-history":[{"count":6,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/286401\/revisions"}],"predecessor-version":[{"id":286672,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/286401\/revisions\/286672"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/286400"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=286401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=286401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=286401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}