SkyCity secures 15-Year extension for Queenstown casino licence
The New Zealand Gambling Commission has renewed SkyCity’s Queenstown casino venue licence, providing long-term certainty as the operator continues to address wider operational and regulatory challenges.
SkyCity Entertainment Group has received a 15-year extension to its Queenstown casino licence, easing shareholder concerns amid ongoing uncertainty surrounding its Adelaide operation and the pending renewal of its Hamilton casino licence.
In a notice to shareholders, the company confirmed that the New Zealand Gambling Commission has granted a renewal of the Queenstown venue licence from 7 December 2025.
At SkyCity’s annual meeting in October, shareholders were told that earnings were expected to bottom out in 2026. Dividend payments remain suspended, and chief executive Jason Walbridge said trading in the first quarter of the 2026 financial year had not shown improvement, despite a slight uplift in the wider New Zealand economy.
Walbridge also highlighted the upcoming opening of the SkyCity International Convention Centre in Auckland next year and noted the potential for compensation as SkyCity continues legal action against Fletcher Building, seeking $300m in relation to construction delays.
He added that the company is preparing for the launch of a regulated online casino market, with the Government aiming to introduce legislation next year to address the estimated $700m spent annually by New Zealanders on offshore gambling platforms.
SkyCity shareholders have faced a prolonged downturn in share value since the 2019 fire at the then nearly completed convention centre, with the price falling from just over $3.70 to around 75 cents.
