SkyCity Entertainment Group Limited (NS) Analysis

Overview

SkyCity Entertainment Group Limited is a leading entertainment and gaming business with a great brand and an iconic status as a New Zealand and Australian listed company. It operates monopoly casinos in New Zealand (Auckland, Hamilton and Queenstown) and Australia (Adelaide), alongside a variety of industry leading restaurants and bars, luxury hotels and convention centres.

Entertainment is the core business and SkyCity has a strong and enviable collection of assets, including some of the most significant major urban monopoly casino licences in New Zealand and Australia.

SkyCity is listed on NZX under the symbol of SKC since September 1995. It is also dual-listed on ASX since March 1999.

SKC has been granted Listing with a 'Non-Standard' ("NS") designation. This designation was granted due to the nature of SKC's constitution which contains various provisions reflecting the gaming legislation in the jurisdictions in which SKC operates, including provisions regulating the transfer and voting rights of its Ordinary Shares. For further information, please see SKC's annual report.

Performance

The following information was extracted from SkyCity Entertainment Group Limited's full year results, released on 22 August 2024:

SkyCity Entertainment Group Limited 2024 Full Year Result

Summary of full year to 30/6/24

Reported: Net (Loss)/Profit After Tax: -$143.3m (-$151.3m) -1,897.4%, -18.9cps

Underlying: Net Profit After Tax: $123.2m (-$9.6m) -7.2%, 16.2cps

Name of Listed Issuer: SkyCity Entertainment Group Limited

CONSOLIDATED OPERATING STATEMENT

Current Full Year Period NZ$: Up/Down %: Previous Corresponding Period NZ$

REPORTED REVENUE (excl GST) FROM CONTINUING OPERATIONS

$928.5m: up 0.3%: $926.2m

TOTAL REPORTED REVENUE (excl GST)

$928.8m: up 0.3%: $926.2m

REPORTED NET (LOSS)/PROFIT FROM CONTINUING OPERATIONS

-$143.3m: down 1,897.4%: $8.0m

TOTAL REPORTED NET (LOSS)/PROFIT

-$143.3m: down 1,897.4%: $8.0m

EARNINGS PER SHARE (REPORTED)

-18.9cps: down from 1.1cps

UNDERLYING REVENUE (incl GST)

$959.6m: up 0.3%: $957.1m

UNDERLYING NET PROFIT

$123.2m: down -7.2%: $132.8m

EARNINGS PER SHARE (NORMALISED)

16.2cps: down from 17.5cps