The New Zealand casino operator, SkyCity reported a decrease in overall revenue in its 2020-2021 financial year ending June 30th, 2021, although gaming revenue was up. Year on year, the company saw a 17.6% decrease in revenues to $959.2 million.
Key features of the financial report:
- Gaming revenue from the group’s casinos climbed from $530.8 million to $579.6 million.
- Online revenue recorded was $13.1 million.
- The NZ International Convention Center brough in $170.7 million in revenue.
- The venue that brought in the most revenue was the group’s SkyCity Auckland property which contributed $649.9 million.
- Annual expenses came to $641.9 million.
As per SkyCity Chair Rob Campbell: “The financial result for the year was complicated by property closures and other restrictions imposed by COVID-19, which limit comparability with the prior comparable period. SkyCity has also been aided by Government responses in the form of wage subsidies and other assistance measures over the period, a portion of which SkyCity has elected to repay reflecting improved financial performance.”
Executives of the group were optimistic going forward. CEO Michael Ahearne pointed out that SkyCity delivered a solid performance despite the challenging operating environment. He also said that local gaming had performed well when open and operating without restrictions brought on by the coronavirus pandemic.