SkyCity Entertainment Group Limited

Financial Results

• SKC’s total revenue was lower because of a 12% reduction in Auckland gaming revenue. This was partially offset by growth in gaming revenue in Adelaide and Queenstown (up 5% and 4%, respectively) and growth in non-gaming revenue throughout the group (up 5%).
• SKC highlighted that $464.4 Mn of debt was refinanced (which includes $82.3 Mn of new debt) and the weighted average debt maturity rose by more than 2 years to 4.5 years.
• The company’s H1 FY 2025 capital expenditure of $60 Mn comprised of $30 Mn of NZICC development and $30 Mn of business-as-usual capex.

Key Update

SKC provided notice that it is to file legal proceedings against Fletcher Building Limited as well as The Fletcher Construction Company Limited. The claim tends to seek damages for losses which were incurred by SKC due to ongoing delays in the completion of the project. This includes due to the 2019 fire at the NZICC. Furthermore, the delivery of the NZICC by Fletchers is now around six and a half years behind the contractually agreed delivery date.

SKC also claimed that it is entitled under the contract to liquidated damages of more than $330 Mn from Fletchers. However, SKC’s CEO stated that the company is confident in the opening date of February 2026. It is expected that the building would be handed over in the H2 of this year.

Key Risks

The global economic slowdown, inflationary concerns, etc. are some of the risks.

Stock Information

The last traded price of the stock was NZD 0.91 per share as on 4^th July 2025.

Technical Chart:

 SKC Daily Technical Chart, Data Source: REFINITIV

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Note 2: The reference date for all price data, currency, and technical indicators is July 4, 2025. The reference data in this report has been partly sourced from REFINITIV.

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Technical Indicators Defined: -

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