SkyCity Auckland closed for 5 days starting today
Starting today, August 9, SkyCity Auckland will be closed for 5 days, till September 13.SkyCity Entertainment, founded in 1996, is a gambling and entertainment company...
SkyCity EBITDA stays steady despite Adelaide challenges
SkyCity insists that Adelaide Casino will not affect its full-year adjusted EBITDA.
Based in Auckland, New Zealand, Sky City Entertainment Group, simply known as SkyCity, is an entertainment and gambling company founded in 1996.
The casino operator plans to reduce the value of its Adelaide assets by AU$ 86.2m (NZ$ 94.3m). This new adjustment is based on new expectations about the introduction of mandatory carded play at the Adelaide casino in 2026.
SkyCity’s increased legal and compliance costs for improving anti-money laundering and counter-terrorist financing will also lead to lower future cash flows than originally expected.
SkyCity announced:
“SkyCity is committed to implementing mandatory carded play across its casinos as this will significantly increase its visibility and control of customer play, and simplify many parts of its current AML/CTF and host responsibility operations. The primary objective over the coming years is to ensure SkyCity has strongly performing risk management systems, a culture which prioritises compliance with SkyCity’s obligations and customer care, and a business which is seen as a good corporate citizen, worthy of retaining its casino licences.”
Jason Walbridge, SkyCity CEO, said:
“The impairment is a non-cash accounting adjustment at balance date. SkyCity Adelaide continues to be a strategically important asset within the wider SkyCity Group.”
Due to recent changes in New Zealand’s tax laws, SkyCity anticipates a tax adjustment of NZ$129.6 million. In March, the government changed the rules, eliminating the option for owners to claim depreciation on commercial buildings with an estimated useful life of 50 years or more.
This new rule will impact how much SkyCity can deduct from its taxes. SkyCity will announce its full-year financial results for the year ending in June this Thursday.
Share:
SkyCity hits $928.5m in Q2 despite a tough year
SkyCity announced its Q2 results, highlighting the rise of its operating revenues to 0.3%.SkyCity Entertainment, founded in 1996, is a gambling and entertainment company...
