SKYCITY Entertainment Group said it’s agreed to sell a carpark in Auckland for $40 million as part of a program to reduce assets and raise capital to pay down debt and fund future growth.
ICD Property Investment Limited was the buyer of the Federal Street car park, which is a 427 space car park proximate to the SKYCITY Auckland casino, hotel and hospitality precinct.
ICD will pay a deposit of 10 percent of the purchase price and settlement is set for April 2019.
“The sale of the Federal Street car park is consistent with SKYCITY’s intention to move to an “asset-lighter” strategy which includes looking to divest non-core assets and businesses, the New Zealand operator said in a statement.
The car park is currently occupied by SKYCITY staff that will be moved to the New Zealand International Convention Centre car park when the first tranche is completed.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
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Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
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