Craigs Investment Partners broker Chris Timms said the operating result was in line with guidance and Craigs' estimates, including key properties.
The January trading update noted strong trading performance had continued across the New Zealand properties, partly offset by weaker Darwin and international business, the term used for high rollers.
Reported profit for the six months ended December rose 30.2% to $71million from $54.6 million in the previous corresponding period.
Reported revenue rose 14.2% to $566.1million.
The operating earnings rose 22% to $171.6million.
SkyCity's New Zealand casinos were benefiting from the country's record tourism and migration while lower under rates underpinned consumer spending.
In Australia, where local conditions were softer following the end of the country's lucrative mining boom and car manufacturing, SkyCity wanted to lure more high-roller gamblers from Asia to bolster activity at its Adelaide and Darwin casinos.
Mr Timms said the improved reported profit was mostly from lower net interest expense, causing some concern among investors.
Chief executive Nigel Morrison said the group had continued to achieve strong growth across New Zealand properties and its international business.
At its flagship Auckland casino, operating earnings increased 8.9% to $135.4million as revenue rose 7.4% to $324.9million.
SkyCity anticipated the Auckland business would benefit from government gaming concessions which were triggered on November 11 in recognition of SkyCity's $740million New Zealand International Convention Centre development.
Mr Morrison said the concessions would allow the Auckland business to lift its activity.
He noted the Auckland business had a record revenue week over the Christmas and New Year period but declined to disclose the amount of revenue.
Green Party Auckland issues spokeswoman Denise Roche said SkyCity's 30% profit increase was no cause for celebration, as it came at the cost of problem gambling affecting Auckland families.
"SkyCity's boosted profit results reveal just who the Government's dodgy convention centre deal was designed to benefit and it's not Aucklanders.
"Every dollar of SkyCity's casino profit has a real human cost.''
It had now installed 70% of the new pokie machines it got with the convention centre deal, but work on the centre was only now starting, she said.
"SkyCity must be laughing all the way to the bank.''
In the results overview, Mr Morrison reported SkyCity Hamilton continued to deliver strong growth, resulting in revenue up 9.9% to $27.7million and profit up 18.4% to $11.6million.
The combined Queenstown operations were delivering record growth, underpinned by significant high roller and local gaming activity.
Normalised revenue was up more than 100% to $13.7million and normalised operating earnings were up by more than four times to $2.6million.
In his trading update, Mr Morrison said January had broadly experienced a continuation of the trends seen in the first half of the financial year.
Strong performances from the New Zealand businesses were offset by weaker performances from Darwin and the international business, resulting in normalised group revenue for the month of $88.4million - which was flat on the pcp.
The international business had a quiet month with turnover of $700million in January against $1billion in January last year, but had a busy outlook for Chinese New Year this month.
Following the recent $125million New Zealand bond issue, SkyCity now had $322million of committed undrawn bank facilities - sufficient headroom to fund the committed convention centre and Hobson St hotel projects, he said.
The proposed sale of the Hobson St hotel was progressing well, and there was strong interest from a broad range of domestic and international investors.
Based on indicative feedback received by rating agency Standard & Poor's, SkyCity expected a successful sale of the hotel should enable it to retain its BBB- credit rating.
