Share
- Release Date: 20/12/12 10:30
- Summary: ASSET: SKC: SKYCITY sell Christchurch stake; buys balance of Queenstown
- Price Sensitive: No
- Download Document 1.92KB
SKC
20/12/2012 08:30
ASSET
REL: 0830 HRS SKYCITY Entertainment Group Limited (NS)
ASSET: SKC: SKYCITY sell Christchurch stake; buys balance of Queenstown
SKYCITY sells Christchurch Casino share and acquires full ownership of
SKYCITY Queenstown
SKYCITY Entertainment Group today announced it has sold its 50 percent share
in Christchurch Casino to co-owner Skyline Enterprises for $80 million and
has purchased Skyline's 40 percent share in Queenstown Casino for $5 million.
SKYCITY Chief Executive Nigel Morrison says the purchase of the remaining
shares in Queenstown Casino is an exciting outcome.
"This enables SKYCITY to build our international VIP business in a major
tourism destination, which is already a very popular destination for our
overseas VIP guests," he says.
"Increasingly, our Horizon and Eight VIP customers in Auckland want to visit
Queenstown as it is so iconic to New Zealand and has a high international
profile. Having complete ownership will allow us to develop a VIP offering
that will better accommodate these high-spending visitors.
"Queenstown will complement our existing 'Horizon' VIP offerings in Auckland
and Darwin, which have already benefited from investment made there over the
last two years.
"Our VIP guests generate much needed export dollars for New Zealand and will
bring extra economic activity to the Queenstown region and the country as a
whole. We look forward to further building our relationships with the
community, businesses and local leaders in the area.
"We have said for some time that we prefer to be outright owners of the
properties we are involved in. Skyline expressed an interest in acquiring
SKYCITY's 50 percent stake in Christchurch, which fits with our strategy. We
thank Skyline for the good working relationship we have had with them over
many years and wish them well with Christchurch Casino," Mr Morrison says.
End CA:00231414 For:SKC Type:ASSET Time:2012-12-20 08:30:35
