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SkyCity's gambling business remains strong despite hit from Covid-19 pandemic

SkyCity’s gambling business remains strong despite its profits taking a hit as a result of the pandemic.

SkyCity casino. Source: Supplied

Net profit fell 76 per cent to $78.4 million in the second half of last year, the casino operator said in releasing its financial results today.

Revenue also fell, but the figures are distorted because of issues to do with the 2019 convention centre fire such as insurance and a settlement with Fletcher Building.

The delays caused by the fire mean the beleaguered convention centre won’t be completed until 2023.

But the company’s online gaming service is booming, helped by the impact of Covid-19. Nearly 30,000 people have signed up to the online gaming service and it's exceeding the company’s expectations.

On the flipside, its tourism-related businesses such as hotels are heavily impacted by operating restrictions and international border closures.

Its new premium lounge is proving popular but the lack of high roller visitors from overseas means attention has turned to domestic visitors.