Entertainment

SkyCity happy with $200m sale price of Darwin casino

SkyCity Entertainment Group has agreed to sell its Darwin casino business in a deal worth more than $200 million. The sale has been on the cards for some time under chief executive Graeme Stephens, who is pursuing a ‘‘capital lighter’’ strategy for the NZX-listed business. Stephens said he was pleased with selling the casino for $8.6m more than SkyCity had valued it at. He said SkyCity and the buyer of the Darwin casino, Delaware North, planned to enter into a joint venture to establish an online casino business from Australia’s Northern Territory, should a law change allow online gaming there. SkyCity bought the Darwin casino in 2004 from MGM Grand, and added a new hotel and pool, new bars and restaurants and VIP facilities over the years. The sale remains contingent on Delaware North obtaining financing approval within 60 days.