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

 


Skycity Darwin Joins Skycity Entertainment Group


‘Skycity Darwin’ Joins The Skycity Entertainment Group

From today, the former MGM Grand Darwin, in Australia’s Northern Territory, will become ‘SKYCITY Darwin’.

The name change reflects today’s settlement of the transaction associated with the purchase of the property by New Zealand-based gaming and entertainment company, SKYCITY Entertainment Group Limited. The operation has been purchased from MGM MIRAGE Inc. at the agreed purchase price of A$195m (NZ$215m).

SKYCITY first advised of its intention to acquire the property in February 2004, outlining at that time that the purchase was subject to various approvals. SKYCITY received the necessary regulatory approvals and completed other conditions precedent for the acquisition of the Darwin casino and hotel complex in Australia’s Northern Territory earlier this month.

SKYCITY’s Managing Director, Evan Davies, said the company was delighted to welcome a second Australian property into the SKYCITY Group.

“We are pleased to conclude this transaction and begin the integration of SKYCITY Darwin into the Group.” “The immediate priority for us will be to meet with staff, introduce SKYCITY and our vision as a fun and entertainment business and explain what the ownership transition will mean for them,” said Mr Davies.

Located 3km from the city centre the Darwin casino and hotel is a mid-sized gaming operation, approximately 25% larger than SKYCITY’s most recently opened casino, SKYCITY Hamilton (New Zealand), in terms of gaming machines and table numbers.

The property is the only licensed casino in Darwin and the largest in the Northern Territory. The property comprises three gaming rooms (26 tables, 450 gaming machines and 50 NT Keno venues), a 107-room hotel, four restaurants and five bars.

“Beyond branding-related changes, which begin today, it will be business as usual for the foreseeable future. We will take time to become familiar with the property and local operating environment before confirming what, if any, improvements to the existing business may be necessary,” said Mr Davies.

SKYCITY, which acquired the former Adelaide Casino from the South Australian government in 2000 (since renamed SKYCITY Adelaide), has been dual-listed on the ASX and the NZX since July 2002 and currently has a market capitalisation of A$1.7 billion (NZ$1.9 billion).


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Food: Govt Obesity Plan - No Tax Or Legislation

Speaking to Q+A’s Corin Dann this morning, health minister Jonathan Coleman said tackling obesity was at the top of the Government’s priority list, but there was “no evidence” a sugar tax worked, and further regulation was unnecessary. More>>

ALSO:

Treasury Docs On LVR Policy: Government Inaction Leads To Blurring Of Roles

The Treasury wouldn’t have had to warn the Reserve Bank to stick to its core functions if the Government had taken prompt and substantial measures to rein in skyrocketing Auckland house prices, Labour’s Finance spokesperson Grant Robertson says. More>>

ALSO:

Final EPA Decision: Tough Bar Set For Ruataniwha Dam

Today’s final decision by the Tukituki Catchment Board of Inquiry is good news for the river and the environment, says Labour’s Water spokesperson Meka Whaitiri. “Setting a strict level of dissolved nitrogen in the catchment’s waters will ensure that the dam has far less of an impact on the Tukituki river." More>>

ALSO:

"Don’t Give Up":
End Of Kick-Start Hits KiwiSaver Enrolments

ANZ said new enrolments for the ANZ KiwiSaver Scheme had dropped by more than 50% since the Government announced an immediate end to the $1,000 KiwiSaver kick-start incentive in the Budget last month. More>>

ALSO:

Serious Fraud Office: Alex Swney Receives Jail Sentence

Former Chief Executive of Heart of the City Alex Swney has been sentenced to five years and seven months’ imprisonment for charges brought respectively by the Serious Fraud Office (SFO) and the Inland Revenue. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news