SkyCity Entertainment reported a deficit of NZ$33.7 million (US$22.3 million\/\u00a316.5 million\/\u20ac19.7 million) in the initial six months of 2021, ending on December 31st. This was due to the persistent effects of COVID-19 regulations in Australia and New Zealand, which hindered business operations.<\/p>\n
The company, which owns and manages five gambling establishments in New Zealand and Australia, recorded earnings of NZ$216.8 million in the first half of 2021, a decrease of 31.4% compared to the same period in 2020.<\/p>\n
Their primary property, SkyCity Auckland, was closed for 107 days during this period. Businesses reliant on tourism were adversely affected by the closure of international borders, and the period was also impacted by on-site limitations.<\/p>\n
Total gambling revenue amounted to NZ$160 million, a decline of 37.0% from the previous year. Almost half of this revenue originated from their flagship SkyCity Auckland property.<\/p>\n
Non-gambling revenue reached NZ$48 million, compared to NZ$53.8 million in 2020. Of this amount, NZ$52.5 million was derived from insurance payments related to a fire that occurred at the New Zealand International Convention Centre, which was under construction in 2019.<\/p>\n
SkyCity’s online casino revenue was NZ$9.3 million, an increase of 24.0% compared to the same period in 2020.<\/p>\n
In terms of expenses, SkyCity disbursed NZ$215.7 million to suppliers and staff, of which NZ$123.3 million was allocated to wages, a decrease from the previous year. <\/p>\n
Throughout this period, SkyCity Group obtained a $17.2 million financial assistance package from the New Zealand administration to aid in the closure of its Auckland and Hamilton locations.<\/p>\n
Marketing and communications costs were decreased to $6.6 million, while sponsorship and other community spending was almost cut in half to $3.8 million.<\/p>\n
Profits before interest, taxes, depreciation, and amortization (EBITDA) plummeted by 69.2% to $20.4 million.<\/p>\n
The organization reported a loss of $33.7 million for the period, in contrast to a profit of $77.9 million in the corresponding period of 2020.<\/p>\n
SkyCity CEO Michael Ahearne stated: \u201cThe COVID-19 pandemic continued to have a significant effect on SkyCity’s businesses and operations across all locations in the first half of the fiscal year.<\/p>\n
\u201cGovernment-imposed closures resulted in the shutdown of SkyCity Auckland for 107 days, SkyCity Hamilton for 65 days, SkyCity Queenstown for 22 days and SkyCity Adelaide for 8 days.<\/p>\n
\u201cUpon being permitted to reopen, these venues operated under substantial restrictions due to requirements on large gatherings and social distancing, and I am very proud of the SkyCity team for adapting to these obstacles.\u201d<\/p>\n
He added: \u201cSkyCity’s online casino business performed exceptionally well during the period, again surpassing expectations, with significant growth in revenue, EBITDA and customer numbers.\u201d<\/p>\n
SkyCity Adelaide recently announced that all venues will require proof of COVID-19 vaccination for entry beginning this month. <\/p>\n
Commencing on February 10th, all personnel and patrons entering Adelaide SkyCity will be required to present evidence of complete vaccination or a medical exception. This regulation encompasses the casino, lodging, pubs, and eateries in South Australia, which already mandate face coverings, physical distancing, and QR code registration.<\/p>\n
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SkyCity Entertainment reported a deficit of NZ$33.7 million (US$22.3 million\/\u00a316.5 million\/\u20ac19.7 million) in the initial six months of 2021, ending on December 31st. This was due to the persistent effects…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n