SkyCity Entertainment Group has announced that it is selling its entire shareholding in Gaming Innovation Group (GiG), which it acquired in April of 2022.
GiG is a European-based online gaming platform provider and media services operator, via which SkyCity operated its SkyCity Online Casino (out of Malta).
In a Tuesday note, the group indicated that ‘SkyCity has decided to divest its shareholding in GiG as it is non-core to its ongoing operations, and is now not considered strategically necessary for SkyCity’.
The group is expecting net proceeds of approximately NZ$55 million after brokerage and legal costs. The company initially acquired its stake in GiG for about NZ$40 million.
The funds are intended to be used to pay down the group’s debt ‘as part of its ongoing prudent approach to capital management’.
