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SkyCity mulls sale of Darwin Casino

New Zealand’s SkyCity Entertainment is considering selling a number of assets, including its under-performing Darwin casino.

According to local sources, the casino operator is understood to have approached investors in March to “gauge market interest” in its assets, which includes one of its Auckland hotels, several carpark facilities, and its Darwin Casino.

However, finding a buyer at the right price will be difficult. Previously The Star Entertainment Group was thought to be the most suitable buyer, however, it is understood the operator is concentrating on its own upcoming projects.

With SkyCity’s debt to earnings ratio set to hit 3x in the 2018 fiscal year along with several projects in the pipeline, the company has “little room for error”, says The Australian Financial Review, who quotes local sources.

More news from this jurisdiction

New Zealand, AustraliaFriday, Oct 20, 2017

There is renewed speculation that SkyCity may put its troubled Darwin casino up for sale after comments from SkyCity’s new chief executive at an AGM in Auckland.

Australia, New ZealandTuesday, Jun 21, 2016

Australian wagering giant is reportedly looking to launch a takeover bid for the management rights of the fixed odds business of New Zealand’s TAB, the Australian Financial Review’s Street Talk reports.

New Zealand, AustraliaMonday, Apr 11, 2016

Casino operator SkyCity Entertainment Group says it is not opposed to a takeover approach from Australia’s Star Entertainment, but will not instigate talks.

Australia, New ZealandWednesday, Aug 26, 2015

Standard & Poor's Ratings Services has assigned its 'BBB-' rating to SkyCity Entertainment's NZ$100 million ($64.8 million) seven-year bonds.

Australia, New ZealandThursday, Mar 26, 2015

The Australian and New Zealand market is poised to see strong growth in its VIP gaming market this year, benefiting from Macau’s downturn, according to a report by Morgan Stanley Research analysts.

AustraliaTuesday, Jan 16, 2018

A new agreement signed between Victoria police and international integrity body ESSA (Sports Betting Integrity) is set to assist authorities in targeting suspicious betting activity and deter betting-related match-fixing.

AustraliaTuesday, Jan 16, 2018

British bookmaker William Hill is considering the sale of its Australia business, citing rusing costs and mounting regulatory pressures.