SkyCity happy with $200m sale price of Dar­win casino

The Press - - Business -

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.

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