They say the house always wins, but it likely doesn’t feel that way today in Auckland, where the top brass of SkyCity – the owner of Adelaide’s casino – have handed down the company’s 2026 results.

Group profits were down 37.6 per cent to $15.1 million – more than $10 million less than last year’s result – after a year defined by regulatory attention in South Australia.

In June, the SA Liquor and Gambling Commissioner announced SkyCity would be fined $21 million following a major review of the business undertaken by retired Supreme Court Judge Brian Martin.

This review highlighted multiple failures by SkyCity’s previous management in fulfilling its obligations under anti-money laundering and counter-terrorism laws.

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In August last year, Martin concluded that SkyCity was suitable to hold Adelaide’s only casino licence, but that previously the business had a “poor and inadequate culture” and that it “failed to comply with its obligations”.

The slashed profit came despite revenue from its casinos and hospitality businesses rising by 6.5 per cent to $732.7 million.

A strategic review of SkyCity’s Adelaide business will start soon, and the $21 million fine will be paid in three equal instalments over two years to the state.

CEO Jason Walbridge said the business made progress in strengthening its operations while navigating a “difficult operating environment, particularly in the latter part of the financial year”.

“Our underlying results met the guidance given in May, which recognised that consumer discretionary spending was weaker in the last quarter of the year,” Walbridge said.

Group debt is at $492.7 million – “marginally above our expectations”, the company’s results read.

SkyCity would not provide guidance for the 2027 financial year at this time “due to macro-economic uncertainty”.

Shares in SkyCity were up 1.02 per cent in early trade.