Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


SKYCITY Completes purchase of Tainui shares

Wed, 21 July 2004

SKYCITY Completes purchase of Tainui shares in SKYCITY Hamilton

SKYCITY Entertainment Group Limited (SKYCITY) today announced that it has settled the $10.5 million purchase of Tainui Group Holdings Limited's (TGHL) 15% shareholding in Riverside Casino Limited, the owner of the SKYCITY Hamilton gaming and entertainment complex.

This increases SKYCITY's equity position in the Hamilton business to 70%.

SKYCITY Entertainment Group Managing Director, Evan Davies, said the company's interest in acquiring the shareholding was a logical move in a company where SKYCITY is already majority shareholder and the operator of the business.

SKYCITY Hamilton reported a strong performance for the 2004 interim result period. Revenues were up 23% (from the second half of 2003), with EBITDA at 44% of revenues.

"We are excited with the progress SKYCITY Hamilton has achieved to date. The property is an excellent example of SKYCITY's successful business philosophy translated into a local environment. The newly opened SKYCITY Hamilton Function Centre is already proving popular with forward bookings through to 2005," Mr Davies said.

Opened in April, the new SKYCITY Hamilton Function Centre features two rooms that can be combined to cater for up to 240 people banquet style, 320 theatre style and 400 standing guests. SKYCITY Hamilton's Number Eight bar has also recently been extended in response to increased customer demand, and also includes the addition of decks in preparation for the imminent smokefree legislation.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news