SkyCity Queenstown Casino has recorded its biggest bottom line result since opening 12 years ago.
It earned $1.5 million before interest, tax, depreciation and amortisation – up 50 per cent on last year’s $1 million.
Last year’s result led to an estimated profit of $500,000, after the site virtually broke even in 2010. For the year to June, 2012, revenue in Queenstown was up 12 per cent to $8.6 million.
Casino general manager Michelle Baillie says the result was driven by strong gaming revenues and effective cost management.
“We had a strong second half of the year with increased visitation from Asian groups who enjoy coming to Queenstown. This also increased the per customer gaming spend.”
The result contributed to nationwide SkyCity Entertainment Group recording a normalised net profit after tax of $141.4 million.
SkyCity chief executive officer Nigel Morrison says he’s pleased with the full-year group result.
“SkyCity Queenstown’s good performance saw revenue increase 12 per cent. This is one of the best results since the casino opened,” Mr Morrison says.
Queenstown-based Skyline Enterprises has a 40 per cent stake in SkyCity Queenstown.