SkyCity reports 38 percent drop in profit for 2026 amid restructuring
The casino operator recently announced a proposal to shed up to 200 roles, mainly within its Auckland precinct.
SkyCity, the casino operator, has announced a 38 percent decline in full year net profit for 2026 amid a restructuring process. CEO Jason Walbridge stated that the company is transitioning into a simpler, more efficient, and connected business, which will result in annualized savings of $30 million in FY27, growing to $70 million in FY28.
This strategic move is in response to the evolving operating environment and the future direction of the business, particularly in online gambling regulation. The company has proposed shedding up to 200 roles, mainly within its Auckland precinct. For the 12 months ended June, SkyCity did not provide a profit outlook, but promised to update the market at its annual shareholders meeting in October.
One-off costs from the cost-out program may impact reported earnings. In FY27, capital expenditure is expected to range between $80 million and $100 million, including retention payments for the NZICC and online license costs. The primary focus for the business is to execute key priorities, restore positive cash flow, and resume dividend payments upon achievement.
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