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SkyCity divesting stake in online gaming platform Gaming Innovation Group

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’.

Kelsey Wilhelm
Kelsey Wilhelmhttps://agbrief.com
Kelsey Wilhelm is a broadcast, print journalist and editor based in Asia for over 15 years. Focused on content creation, management, cross-cultural exchange and interviews for multi-lingual productions. Writing focus on gaming, business, politics, culture and heritage, events and celebrities, subcultures, music, film, art and fashion. Some of Kelsey's specialties are: editing, writing, copy creation, multi-lingual content production, cross-cultural exchange, content creation and management for Asian markets.

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