SkyCity Entertainment Group is juggling financial setbacks, a closed legal chapter, and a fresh wave of sports-driven publicity in what’s shaping up to be a dynamic year for the New Zealand-based operator.
Financial Forecast Trimmed as Spending Slows
SkyCity has issued a revised earnings forecast, slashing its expected group EBITDA for the 2025 financial year to roughly 4% below its previous guidance. Initially projected between NZ$225 million and NZ$245 million, the group now warns that soft consumer spending is putting pressure on both gaming and hospitality revenue, particularly at its flagship Auckland property.
CEO Jason Walbridge pointed to steady visitation across all locations but noted a consistent drop in spend per visit, a trend affecting the entire portfolio. While Hamilton and Queenstown are holding steady, Adelaide’s casino has underperformed due to lower VIP activity and stricter compliance controls. Even so, electronic gaming machine turnover in South Australia has ticked upward, and the group remains committed to a NZ$60 million upgrade at the Adelaide site through FY27.
Despite the headwinds, Walbridge remains confident about the long-term outlook, highlighting the anticipated 2026 opening of the New Zealand International Convention Centre and preparations for the launch of New Zealand’s regulated online casino market.
High-Stakes Dispute Ends in Confidential Settlement
In a long-running legal standoff that cast a shadow over SkyCity Adelaide, the company has reached a confidential settlement with Chinese high-roller Linong Ma. Ma accused the casino of negligence after more than AUD5 million in baccarat winnings reportedly vanished under suspicious circumstances during a 2019 gambling trip.
Two individuals—Xiongming Xie and Fang Zhuangqian—were implicated in Ma’s lawsuit. Xie, operating a junket business out of Sydney, allegedly accessed Ma’s chips without permission while the gambler was overseas. Though Ma was able to recover part of his winnings, a substantial sum remained unaccounted for. The court found Fang liable by default for failing to appear, while SkyCity opted to settle rather than continue what could have become a prolonged and damaging legal saga.