SkyCity Entertainment Group
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SkyCity Entertainment Group (SKC) investor relations material

SkyCity Entertainment Group H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary18 Feb, 2026

Executive summary

  • Interim FY2026/1H26 results aligned with guidance, reflecting a transitional period with lower gaming revenue but growth in non-gaming segments, especially hotels and F&B, and major initiatives underway.

  • Strong cost-saving measures delivered in H1, with further savings expected in H2.

  • Carded play rollout in NZ casinos impacted gaming revenue as expected, but improved customer insights and loyalty.

  • NZICC opened in February 2026, with a robust event pipeline and lower-than-expected opening costs, expected to drive significant visitation and revenue growth.

  • Asset monetization program targeting NZD 200 million in proceeds within 12 months is well underway, with 99 Albert Street marketed for sale.

Financial highlights

  • Group revenue for 1H26 was $411.7 million, down 2.4% year-over-year; total gaming revenue down 6.3% due to carded play and lower premium play.

  • Underlying EBITDA of NZD 85.5 million, down over 28% from prior period; reported EBITDA fell 36.3% to $72.1 million.

  • Reported net profit after tax nearly doubled to $12.1 million due to one-off adjustments.

  • Positive operating cash flow of NZD 56.1 million in H1, funding NZD 36.5 million of BAU CapEx.

  • CapEx for FY2026 guided to NZD 100–110 million.

Outlook and guidance

  • FY2026 underlying EBITDA guidance reiterated at NZD 190–210 million; reported EBITDA at NZD 170.6–190.9 million.

  • Second half earnings expected to be stronger, driven by NZICC opening and cost savings, especially in Adelaide.

  • No dividends anticipated for FY26 to support balance sheet strength.

  • Online gaming regulation in NZ delayed, with revenue contribution now expected in late FY2027.

Adelaide segment's profitability outlook?
NZICC completion: future tax implications
Fletchers claim: expected recovery timeline
NZICC breakeven drivers and cross-precinct impact
Asset monetization: $200M target, what's next?
Adelaide's viability post-Carded Play implementation
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H2 202619 Aug, 2026
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Frequently asked questions

SkyCity Entertainment Group Limited is New Zealand's premier tourism, leisure, and entertainment company, with a strong presence in both New Zealand and Australia. The company operates a diverse portfolio of assets, including integrated entertainment complexes that feature casino gaming facilities, premium restaurants, and bars. These complexes are strategically located in Auckland, Hamilton, and Queenstown in New Zealand, and Adelaide in Australia, catering to both domestic and international visitors. SkyCity Entertainment Group Limited is headquartered in Auckland, New Zealand, and its shares are listed on both the New Zealand and Australian stock exchanges.

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