Reported profit was down 37.6 per cent compared to the year prior, while underlying net profit was down 46.9 per cent to NZ$38 million.
However, SkyCity’s underlying revenue was down just 0.3 per cent on the year prior, due to revenue from the New Zealand International Convention Centre NZICC), which opened in February, partially offsetting revenue challenges elsewhere.
SkyCity’s annual report provides a glimpse of the opening success of the NZICC, built and owned by SkyCity, following a deal with the New Zealand Government.
To June 2026, the NZICC welcomed around 100,000 visitors to 141 events – whether that includes test events that occurred during the pre-opening testing period is unclear.
According to the report, around 350,000 people are expected to visit the convention centre over the current financial year.
Several significant events are scheduled for the venue even over the next six months, including the 20th International Symposium on Microbial Ecology for around 1,800 delegates, currently underway at the venue, the International Confederation of Principals Convention in September for an expected 1,600 delegates, the Royal Australian and New Zealand College of Ophthalmologists Congress in November 2026 for 1,800 delegates and the International Dairy Federation World Dairy Summit, also in November for an anticipated 2,000 attendees.
The report also sheds some light on SkyCity’s legal action against the NZICC’s builder, Fletchers. With a trial date set for May 2029, SkyCity is seeking liquidated damages of more than $330 million plus interest over delays to convention centre’s build. SkyCity’s claim includes allegations that Fletchers’ breaches of contract caused the fire that engulfed the roof of the under construction NZICC in 2019, setting the project back significantly.
SkyCity’s report also reveals that it expects to make at least $200 million from the sale of The Grand Hotel within the SkyCity Auckland precinct.
