SkyCity Hamilton's $35m hotel to open 2014

ANDREA FOX
Last updated 12:14 13/02/2013

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Building of SkyCity Hamilton's new $35 million hotel is scheduled to get under way later this year, with opening likely at the end next year.

Announcing today a 3.6 per cent lift in Hamilton earnings before interest, tax, depreciation and amortisation to $11.4 million for the six months to December 2012, the SkyCity Group said designs for the 4.5 star hotel were being finalised with construction expected to start by the end of this financial year.

Hamilton earnings before interest and tax for the 2013 half year were $9.4 million, compared to $8.6 million for the same period last year.

Total revenue for the Victoria Street complex, excluding gaming GST, was $24.7 million, compared to $23.6m in the first half last year.

Gross gaming revenue was $23.2m, compared to $22.1m year on year, and non-gaming revenue was flat at $4.5m.

SkyCity attributed the ebitda growth to improved table games performance after the refurbishment of the VIP Macau room which saw table play increase by 30.4 per cent.

With the introduction of new gaming machines in December, game machine revenue was expected to show stronger growth in the next half year, the company said.

The group announced normalised net profit after tax of $74.4m, down $2.6m from $77m in the same period last year, which was boosted by an estimated $4.7m from the Rugby World Cup in New Zealand.

Hamilton SkyCity revenue  benefited by $800,000 from the Cup in the first six months of the 2012 financial year, while ebitda was lifted by $500,000.

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- Waikato

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