Skyline Enterprises has revealed an unaudited $61 million net profit for the 2025 financial year as Queenstown tourism returns to its previous highs.
Skyline Enterprises has revealed an unaudited $61 million net profit for the 2025 financial year as Queenstown tourism returns to its previous highs.
Gondola and luge operator Skyline Enterprises has doubled its pre-tax profit off the back of a strong tourism rebound in Queenstown.
However, it has had to take impairments on its Christchurch Casino business and one of its South Korean luge sites after lighter-than-expected trading conditions.
Skyline’s total global revenue rose16% from $221.5 million in 2024 to $257m in 2025, according to a preliminary profit announcement.
Its profit before tax more than doubled, rising from $28.7m last year to $61m in 2025.
The business’ underlying trading profit before tax was $80m, up from $63.5m in 2024.
Skyline Enterprises chairman Peter Treacy said he was encouraged by the overall performance of the group, and was confident its future remained bright even in the face of global uncertainty.
“I’d like to acknowledge the essential role our global team of Skyliners play in our continued success. In a world of increasing technological interfaces, our Skyline team is passionate about delivering outstanding, real experiences that set us apart,” Treacy said.
Skyline's Queenstown location has performed particularly strong thanks to international visitor numbers returning to 2019 highs. Photo / Mark Mitchell
New Zealand operations
The business’ domestic operations recorded total revenue of $117m for the year, up 19% from $98m in 2024.
That included over 1.4 million gondola trips and 3.2 million luge rides across its Rotorua and Queenstown operations.
The company said Skyline Queenstown continued to be an “outstanding performer”, with international visitors back at 2019 highs.
The business has also continued to make quick progress on its Queenstown redevelopment, with its new carpark at the base of the gondola opening in mid-2024, while the extension to its restaurant building is set to open in early 2026.
Skyline’s Rotorua operation has not experienced the same success as a challenging local economy and a larger domestic visitor base impacted its performance.
Christchurch Casino reported a 4% decrease in customers to 512,000, with its total revenue declining 4% from $51.4m in 2024 to $49.2m in 2025.
The company has taken a $14m impairment on the casino.
“Economic pressure on discretionary spend continues to impact visitation to Christchurch Casino.
“Development across the wider city progresses and the new stadium is expected to generate significant opportunities when it opens in 2026.”
Skyline’s property investments also performed well, with commercial and accommodation occupancies rising by 4% and 3% respectively, with total revenue rising 13% to $15.7m.
International markets strong
Skyline’s international operations continued to grow, with its luge operations reporting a 48% boost in visitors, up from 4.5 million in 2024 to 6.7 million in 2025.
International revenue was up from $58.4m in 2024 to $75.2m in 2025, a 29% increase.
The Singapore location continued to be the standout performer for the group, with another record-breaking result.
Skyline’s two Canadian sites in Calgary and Mont Tremblat also had strong 2024 summer seasons on par or above that of the year before.
Skyline’s newest site in Kuala Lumpur continued to perform well and is set to gain from the opening of a unique zipline which, in a world first, is able to transport guests around corners.
The company’s Busan site in South Korea had positive performance but its other site in Tongyeong had been impact by nearby competitors. It took an $8m impairment on that site but said it remained confident in its value.
The business has received planning approval for Skyline Swansea in Wales and hopes to be granted final approval from Swansea City Council for the lease and funding in the third quarter of this year.
It is also currently developing a new luge concept that will evolve the experience of the classic Skyline Luge, although no further details were revealed.
Skyline’s directors determined a record final dividend of 70 cents per share, which will be payable on October 3.
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
