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

 

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news