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

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news