SkyCity’s FY22 results negatively impacted by COVID-19 disruptions

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SkyCity Entertainment Group reported a 145% decline in normalized profit after tax for the six months ended December 31, 2021, with normalized EBITDA down 69%.

The operator noted that these declines were due to COVID-19 disruptions, saying, “The first half of fiscal 2022 was another challenging period for SkyCity, with the business’ financial performance significantly impacted by the disruptions. outbreaks of COVID-19, particularly in Auckland where the SkyCity Auckland business was closed for 107 days.

“When open without restrictions, New Zealand’s domestic gambling business performed well, but the company’s tourism-related businesses continued to be negatively impacted by international border closures.”

Revenues and profits at SkyCity online casino, however, increased over the period, with approximately 10,000 active customers per week.

The company also highlighted its expanded strategic partnership with Gaming Innovation Group Inc through an equity investment proposal, as well as its progress in enhancing its group-wide AML program, which included nominations High level AML.

“COVID-19 continued to significantly impact the business and operations of each of SkyCity’s properties during the first half of the fiscal year,” SkyCity CEO Michael Ahearne said.

“The government-mandated closures resulted in the closure of SkyCity Auckland for 107 days, SkyCity Hamilton for 65 days, SkyCity Queenstown for 22 days and SkyCity Adelaide for eight days. When allowed to reopen the properties operated under significant constraints due to restrictions on mass gatherings and physical distancing requirements and I am extremely proud of how the SkyCity team has adapted to these challenges.

“What we have observed is that our games business in New Zealand is resilient and rebounds quickly when operating without restrictions.”

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