SkyCity sells shareholding in Gaming Innovation Group

The casino operator expects net proceeds of NZ$55m (US$33.7m) after brokerage and legal costs.

Australia.- SkyCity Entertainment Group Limited has announced through a company filing that it has entered into an unconditional agreement to sell its entire shareholding of around 10 per cent in the online gaming platform provider and media services operator Gaming Innovation Group (GiG).

The casino operator said it expects net proceeds of the sale to be NZ$55m (US$33.7m) after brokerage and legal costs. The company will use the proceeds to pay down debt. The shareholding acquired in April 2022 for NZ$40m (US$26.8m) was considered non-essential to SkyCity’s core operations.

SkyCity said it continues to “have a valuable relationship with GiG through its involvement with the SkyCity Online Casino (operated from Malta).”

See also: Federal Court approves US$44.5m settlement between SkyCity and AUSTRAC