SMS Finance

SkyCity’s tough year: Regulatory challenges and financial strain

SkyCity Entertainment Group (ASX:SKC) has had a difficult 2024, as the company reported a net loss of $143.3 million for the year ending June 30. A significant portion of this loss comes from an $94.3 million impairment on its Adelaide assets, as well as a tax adjustment of $129.6 million, following changes in New Zealand’s tax legislation

The company is also dealing with the repercussions of non-compliance with anti-money laundering laws. SkyCity Adelaide has been fined $44.6 million by the Federal Court of Australia for violations dating from 2016 to 2022. CEO Jason Walbridge commented, “While we have faced regulatory challenges, we are focused on transforming our operations and complying with all legal requirements moving forward”

Despite the setbacks, SkyCity remains optimistic about future developments. The company is preparing for the regulation of online casino gambling in New Zealand and continues its investment in the New Zealand International Convention Centre, set to open in the coming year. “We are committed to creating an entertainment destination that sets the standard in New Zealand and beyond,” said Walbridge.

Scroll to Top