SKYCITY Darwin sold for $188 million


SKYCITY is selling SKYCITY Darwin for A$188 million to US hospitality and gaming company, Delaware North.

SKYCITY bought the property 14 years and had built up the business over that time, but decided to sell the property to stick to their core business of operating in New Zealand and expanding casino facilities in Adelaide.

“Selling was not an easy decision. We’re proud of our contribution to Darwin and the Northern Territory over the past 14 years. Since we purchased the business in 2004 we’ve developed Darwin’s casino into an integrated entertainment destination, refurbishing the resort, adding new restaurants, bars and VIP facilities, a new five-star resort hotel and supporting various community events,” said Graeme Stephens, chief executive, SKYCITY Entertainment Group.

“So now feels like the right time to hand the baton across to a new owner to continue the next stage in Darwin casino’s journey.”

The sale is contingent on regulatory matters, and SKYCITY will continue to run the business until approval is received. All 650 staff will be retained once the change of ownership happens.

“The sale is consistent with our ‘capital lighter’ strategy to sell non-core assets and to allocate capital to assets and businesses which we feel are aligned with our long-term strategic objectives. As always, our top priority is to deliver attractive and sustainable returns for shareholders.”