SkyCity Entertainment Group has again lowered its FY25 revenue guidance, claiming that market conditions have continued to “deteriorate.”
The casino operator, which has properties in Australia and New Zealand, now expects EBITDA to fall to around four per cent below the current guidance range of between NZ$225m and $245m.
That range was announced in February and was a revision from previous estimations of between $245m and $265m.
While SkyCity said visitation continues to “hold steady” across all markets, it said spend per visit has continued to fall, making forecasting “difficult.”
The company’s Hamilton and Queensland casinos have continued to perform “broadly in line” with expectations, but its Auckland property has seen reduced spend per visit across hospitality and gaming.
SkyCity said a stronger recent focus on anti-money laundering (AML) and harm minimisation at its Adelaide property has led to lower visitation and lower spend by VIP gaming customers.
SkyCity CEO Jason Walbridge said: “The difficult market conditions that businesses like ours – which are reliant on discretionary consumer spending – are experiencing continue to have a significant impact on both our revenue and earnings.”
“Notwithstanding these challenging conditions, we remain optimistic that as consumer confidence returns and spend begins to lift, SkyCity is well-placed to maximise the opportunities in front of us, like the New Zealand International Convention Centre (NZICC) opening in February 2026.”
