“Auckland has seen reduced spend per visit across both its hospitality and gaming businesses, whilst Hamilton and Queenstown casinos have continued to perform broadly in line with group expectations,” the company said.
In Adelaide, performance had been impacted by lower visitation and lower spend by VIP gaming customers due to an uplift in its anti-money laundering and its harm minimisation programme.
This was despite overall EGM [electronic gambling machine] turnover in South Australia growing year-over-year.
Chief executive officer, Jason Walbridge, said: “The difficult market conditions that businesses like ours - which are reliant on discretionary consumer spending - are experiencing continue to have a significant impact on both our revenue and earnings.
“We continue to be pleased with the levels of visitation we are seeing across our precincts and are adjusting our underlying cost base where appropriate, in response to the lower revenue levels we are currently experiencing.”
Walbridge said SkyCity remained optimistic that as consumer confidence returns and spend began to lift, the company was well-placed to maximise the opportunities, such as the NZ International Convention Centre opening in February 2026.
SkyCity’s shares last traded at $1.15, having dropped by 32.3% over the last 12 months.
Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.
