SkyCity Hamilton + SkyCity Queenstown — regional casinos
The "Other NZ Operations" reportable segment; profitable regional casinos separable from the integrated Auckland flagship
SkyCity is raising ~$240m of fresh equity for covenant compliance and has flagged ~$200m of asset monetisations (an Auckland car-park concession and its 99 Albert St head-office building) — a group clearly in divest mode. Beyond those announced assets sits a separable operating business the group reports as its own segment: "Other NZ Operations", i.e. the SkyCity Hamilton and SkyCity Queenstown regional casinos. The segment is profitable and steady — FY24 EBIT $29.6m on $77.0m of income, with $97.2m of segment assets — and is held in clean standalone subsidiaries. Regional casinos are exactly what a deleveraging operator sells to protect its integrated Auckland flagship, which SkyCity treats as a single CGU it will not break up. No process is running; this is a pre-market inference from the segment accounts.
| FY24 | FY25 | |
|---|---|---|
| Segment EBIT (FY24) | ||
| Segment EBITDA (FY24) | ||
| Segment total income (FY24) | ||
| Segment assets (FY24) | ||
| Segment gaming revenue | 66.6 | 64.1 |
| Hamilton goodwill (indefinite-life) |
| Banker | Bank syndicate (members not named in FS) + NZX-listed retail bond (Supervisor-monitored); ~$240m equity raise underwritten August 2025 |
| Auditor | PwC New Zealand (Auckland) |
| FY end | 30 June 2025 |
| Currency | NZ$ millions |
"This segment consists of the Group's operations at SkyCity Hamilton and SkyCity Queenstown."
- Reported as its own segment (Other NZ Operations) — SkyCity Hamilton + SkyCity Queenstown, separate from the Auckland flagship
- Profitable and steady: FY24 segment EBIT $29.6m on total income $77.0m; segment assets $97.2m
- Held in clean standalone subsidiaries — SkyCity Hamilton Ltd, SkyCity Queenstown Ltd (formerly Queenstown Casinos Ltd), Otago Casinos Ltd, SkyCity Investments Queenstown Ltd
- Hamilton carries $35.8m goodwill + an indefinite-life casino licence; FVLCOD recoverable amount exceeds carrying value
- Divest mode: ~$240m equity raise (announced 21 Aug 2025) for covenant compliance + ~$200m monetisation of the Auckland car-park concession and 99 Albert St
- Auckland is treated as a single integrated CGU the group will not break up — so the regional casinos are the realistic separable carve-out
- FY24SkyCity posts a $143.3m net loss; Adelaide CGU impaired $94.3m; legal/regulatory provisions across NZ + AU.
- FY25Group returns to profit ($29.2m); ~$200m asset-monetisation programme flagged (car-park concession + 99 Albert St).
- 20 Aug 2025FY25 financial statements approved (PwC, unmodified opinion).
- 21 Aug 2025SkyCity announces a fully-underwritten ~$240m equity raise to repay debt and restore covenant headroom.