SkyCity Entertainment Group (ASX:SKC) has announced its reported net profit after tax (NPAT) fell 69.2 per cent in the 2017 financial year to $44.9 million, down from the prior corresponding period.
It comes as the gaming and entertainment business with monopoly casinos in New Zealand saw weaker trading conditions in the Australian market, with a drop in visitation in Adelaide and increased competition in Darwin.
The business saw a 7.2 per cent drop in reported revenue to $1.02 billion in the 2017 financial year.
SkyCity Entertainment’s EBITDA fell 8.1 per cent in FY17 to $307 million.
The company also declared a final dividend of 10 cents per share, 5 cents less than the 2016 financial year.
Shares in SkyCity Entertainment Group (ASX:SKC) are trading 3.69 per cent lower to $3.65.