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SkyCity to pay $125 million due to Auckland car park concession dispute

New Zealand and Australian gaming operator SkyCity Entertainment Group announced it has reached a resolution agreement for its dispute with MPF Parking, concerning the concession agreement for a car park in Auckland.

In a dispatch, SkyCity noted it has reached a mutually beneficial commercial resolution to the dispute concerning the long-term concession agreement of the SkyCity Auckland car park, with SkyCity agreeing to pay NZ$204 million ($124.9 million) to MPF.

The long-term concession was granted to MPF Parking NZ (MPF) by SkyCity under a 2019 agreement, with MPR issuing a termination notice in October of 2022.

MPF later filed a dispute over the interpretation of how the compensation sum would be calculated, with reciprocated legal action from SkyCity.

In November, the High Court of New Zealand ruled in favor of SkyCity over the dispute, which triggered the resolution.

In its most recent statement, SkyCity stated it looked forward to working with MPF on the “orderly transfer back” of the car park business, considered a “high-quality, integrated operating asset” and a “key driver of local gaming visitation”.

AGBrief Editorial
AGBrief Editorial
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.