SkyCity reports normalized revenue of $1 billion for FY15

SkyCity Entertainment reported normalised revenue of NZ$1 billion ($657 million) for the full year ending June 30, 2015, up 8.7 percent on the previous corresponding period.

Normalised EBITDA rose 6 percent to $304.9 million and normalized NPAT was up 8.8 percent to $134.1 million.

“Auckland continues to be the standout performer across the group, delivering record results, with normalised revenue up 13.0% and normalized EBITDA up 13.7% from $217.9m to $247.8m.” 

For its Adelaide property, the company said modest revenue growth was achieved for the year with normalised revenue up 4.8 percent to A$174.1 million due to refurbishment works.

“However, margin contraction over the period delivered a disappointing EBITDA result overall, down 19.2 percent to A$27.3m.”

The company’s international business delivered record activity for the period, with group turnover and normalised revenue up 42.6 percent to $9.3 billion and $125.6 million, respectively.

In May, SkyCity agreed the preliminary design with the Crown on the New Zealand International Convention Centre project and received confirmation from the Auckland Council in July that the resource consent application for the NZICC will proceed on a non-notified basis.

“SKYCITY expects to have the building works contract for the NZICC signed by October and to commence construction by the end of 2015. Plans to activate various gaming concessions in Auckland are well advanced.”

The company added that the Auckland property will also benefit from the activation of the NZICC gaming concessions, which are expected to start by the end of 2015 following signing of a binding building works contract for the NZICC.