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”.
