{"id":4605,"date":"2020-09-08T08:43:02","date_gmt":"2020-09-08T08:43:02","guid":{"rendered":"https:\/\/www.top10casinowebsites.net\/news\/?p=4605"},"modified":"2020-09-08T08:43:12","modified_gmt":"2020-09-08T08:43:12","slug":"skycitys-online-casino-is-profitable-in-first-year-of-operation","status":"publish","type":"post","link":"https:\/\/www.top10casinowebsites.net\/news\/skycitys-online-casino-is-profitable-in-first-year-of-operation\/","title":{"rendered":"SkyCity\u2019s Online Casino Is Profitable In First Year Of Operation"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2019\/03\/skycity.jpg\" alt=\"SkyCity\" class=\"wp-image-4151\" width=\"300\" title=\"SkyCity\u2019s Online Casino Is Profitable In First Year Of Operation\"\/><\/figure><\/div>\n\n\n\n<p><strong>SkyCity Entertainment Group<\/strong>, a New Zealand-based casino operator, has announced that its online casino is already profitable in just one year of operation. SkyCity attributed the online casino profitability to the COVID-19 pandemic which forced many people to stay at home and seek leisure indoors.<\/p>\n\n\n\n<p>SkyCity released their <a href=\"https:\/\/www.skycityentertainmentgroup.com\/media\/2694\/ar-100-final-spreads.pdf\">annual financial report<\/a> for the 2020 fiscal which started on July 1 2019 and ended on June 30, 2020 which showed that while its online gambling business was profitable, its core business did not do that well.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.top10casinowebsites.net\/news\/skycity-set-to-target-new-zealand-market-with-new-online-casino-in-2019\/\">SkyCity\u2019s online casino<\/a> which is licensed by the Malta Gaming Authority (MGA) generated revenue of around NZ$4.5 million for the firm, with NZ$2.2 million in earnings. The online casino which is powered by Gaming Innovation Group, welcomed more than 35,000 new players to their platform in August 2020. SkyCity reported that their online venture has been positive in earnings since April.<\/p>\n\n\n\n<p>SkyCity\u2019s online casino remains a small part of their core business of brick and mortar casinos. SkyCity stated that they are currently looking to advance their online casino business and prepare it for integration into its main businesses.&nbsp;<\/p>\n\n\n\n<p>SkyCity <a href=\"https:\/\/www.top10casinowebsites.net\/news\/skycity-preparing-to-re-launch-casino-operations-in-new-zealand-and-australia\/\">opened most of their New Zealand casinos by June 2020<\/a>, although the Auckland venue remains shuttered due to a COVID-19 spike in the area.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">SkyCity\u2019s Core Businesses Suffer Huge Losses<\/h2>\n\n\n\n<p>The report revealed that <strong>SkyCity generated NZ$1.125 billion in revenue<\/strong> ($761 million) in its last twelve months of operation, a spike of almost 37% from the number generated during fiscal year 2019. Similarly, SkyCity\u2019s earnings spiked by roughly 17% to NZ$348.3 million, with its net profit skyrocketing by 62.8% to NZ$235.4 million.<\/p>\n\n\n\n<p>However, these numbers failed to discount the proceeds from SkyCity\u2019s offloading of SkyCity Auckland\u2019s car park, and a non-cash AU$150 million impairment on their Adelaide license.<\/p>\n\n\n\n<p>Taking these number into account, all four of SkyCity\u2019s casinos failed to generate revenue in fiscal year 2020, with their Adelaide and Auckland locations garnering numbers 18% lower than those garnered in fiscal year 2019. Only <a href=\"https:\/\/skycityhamilton.co.nz\">SkyCity\u2019s Hamilton<\/a> property was able to avoid decreasing its earnings by at least 10%.<\/p>\n\n\n\n<p>SkyCity\u2019s VIP gambling sector, catering to high-rollers overseas, reported a 58.6% loss in turnover for 2020 to NZ$5.8 billion from fiscal year 2019\u2019s take. However, the sector\u2019s revenue dropped by a relatively tame 11% to NZ$38 million, due in no small part to SkyCity\u2019s higher than normal win rate (1.47% compared to the theoretical rate of 1.35%) during that period.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SkyCity Entertainment Group, a New Zealand-based casino operator, has announced that its online casino is already profitable in just one year of operation. SkyCity attributed the online casino profitability to the COVID-19 pandemic which forced many people to stay at home and seek leisure indoors. SkyCity released their annual financial report for the 2020 fiscal [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-4605","post","type-post","status-publish","format-standard","hentry","category-industry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SkyCity\u2019s Online Casino Is Profitable In First Year Of Operation<\/title>\n<meta name=\"description\" content=\"A New Zealand-based casino operator, has announced that its online casino is already profitable in just one year of operation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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