Business booms for SkyCity Entertainment Group Limited

In New Zealand, local casino operator, SkyCity Entertainment Group Limited, has reportedly released its financial results for the twelve months to the end of June showing that it experienced a 10.4% increase year-on-year in net profit after tax to some $114.31 million.

China crackdown aids annual financials:

According to a report from Inside Asian Gaming, the Auckland-based firm saw an improvement in its VIP business thanks to the recent crackdown on foreign gambling operators in China with its annual turnover from these high-rolling players growing by 39.2% year-on-year to hit just over $8 billion.

SkyCity Entertainment Group Limited is responsible for four casinos in New Zealand alongside two in Australia and it reportedly posted a 76% swell year-on-year in its VIP turnover to $5.04 billion for the six months to the end of June while its annual normalized VIP revenues improved by 39.2% to reach $107.88 million.

SkyCity Auckland led the way:

The operator explained that its SkyCity Auckland property led the way by posting record annual earnings before interest, tax depreciation and amortization of roughly $175.49 million, which represented a boost of some 3.7% year-on-year. This was followed by its SkyCity Hamilton venue thanks to a 4.3% rise to almost $18.11 million while the $15.14 million recorded by its SkyCity Adelaide venue signified a 12.5% enhancement.

SkyCity Entertainment reportedly saw its group-wide annual revenues advance by 7.3% year-on-year to $740.77 million as its normalized twelve-month earnings before interest, tax, depreciation and amortization improved by 5.5% to hit nearly $227.81 million.

Casino operator’s boss ‘really pleased’:

Graeme Stephens, Chief Executive Officer for SkyCity Entertainment Group Limited, declared that he was ‘really pleased’ with his firm’s most recent financial results and was ‘particularly encouraged’ by the ‘strong rebound’ in its international business and the ‘return to earnings growth’ on a like-for-like basis experienced by the SkyCity Adelaide and SkyCity Darwin venues.

Stephens’ statement read…

“Set alongside the continued growth of our flagship Auckland property on a record previous corresponding period and a solid result from our Hamilton site, the group’s performance provides us with confidence that we can continue to deliver on our key strategic initiatives and major projects over the coming year.”