SkyCity Entertainment Group Limited Interim Financial Statements for the six month period ended 31 December 2023
SkyCity Entertainment Group Limited reported its interim financial statements for the six-month period ending 31 December 2023, with the statements reviewed but not audited as of 21 February 2024.
The financial review concluded that the interim financial statements fairly present the financial position of the Group as of 31 December 2023, in accordance with IAS 34 and NZ IAS 34.
A provision of $78.7 million was recognized for potential civil penalties and legal costs related to AUSTRAC proceedings against SkyCity Adelaide, indicating ongoing regulatory scrutiny.
The Group operates in a highly regulated industry, with continued focus on casino operations in New Zealand and Australia, leading to uncertainties in regulatory outcomes.
For the six-month period ended 31 December 2023, SkyCity reported revenues of $440,426,000, with a profit attributable to shareholders of $22,546,000.
Deferred tax assets related to Australian tax losses were recognised, indicating the impact of COVID-19 on SkyCity Adelaide’s operations.
Assets classified as held for sale included land in Queenstown, reflecting ongoing asset management and strategic decisions.
Regulatory penalties provision increased due to discussions with AUSTRAC and a case management hearing, highlighting regulatory compliance challenges.
Commitments include capital commitments for NZICC and Horizon Hotel construction completion and settlement of the termination of the Car Park Concession Agreement.
Contingent liabilities and assets were noted, including disputes with Revenue South Australia and potential recoveries from The Fletcher Construction Company Limited related to the NZICC fire.
Events after the reporting date include restructuring of the syndicated bank facility, return of Auckland car parks from Macquarie, and the filing of civil penalty proceedings by the Department of Internal Affairs against SCML.