SkyCity Entertainment Group has recorded a loss of $33.6 million for the 2022 financial year, but it tipping things to improve in the coming 12 months.
Revenue for the financial year was also down, at $639 million compared to $952 million in 2021.
The company say their results "have been significantly impacted by the disruptions caused by Covid-19", and "dividends will not be paid due to debt covenant waiver restrictions".
"No doubt the last year has been a tough year for SkyCity," chief executive Michael Ahearne said.
He told 1News that "what we're seeing is a progressive recovery" after a year where Auckland was locked down for over 100 days and New Zealand's borders were largely closed to international visitors.
"We're seeing some businesses and some customer segments come back nearly to pre-Covid levels and then others are slower, so it's a mix ... but overall we're pretty pleased with the progress we're making."
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And the company is optimistic for the year ahead, after the fourth quarter of the 2022 financial year saw a "strong recovery in domestic revenue across SkyCity Auckland, SkyCity Adelaide, SkyCity Hamilton and SkyCity Queenstown".
When asked if they would be back in the profits next year, Ahearne told 1News: "Yeah, definitely."
SkyCity are looking to add another 400 employees to their existing staff of about 4000, and construction on the roof of the New Zealand International Convention Centre in central Auckland - where a massive fire broke out in October 2019 - is due to commence in October this year, "a significant milestone in the fire remediation work".
"Recovery of domestic visitation has been positive for our business and I'm excited about welcoming back more international visitors to our properties," Ahearne said.
"We've had a positive start to this year, and we expect that to continue."
Its online casino, based in Malta, had seen revenue growth of $34.7%.
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