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Jan 14, 2010

Sky City expects to bank $70 million from sale of cinemas

Culture / Entertainment

Sky City Entertainment Group, the casino operator, has finalised the sale of its New Zealand and Fijian cinemas business to Australia's Amalgamated Holdings, and expects to make a further $10 million from the sale of the associated assets.
Sky City sold its cinemas businesses for NZ$61.1 million, NZ$2 million more than the original agreement announced in November.
The sale is conditional on approval by the Overseas Investment Office, to be completed by 18th February.
Not included in the transaction are the casino operatorâs 50% shareholding in ticketing group Vista Entertainment Solutions, all cash deposits, and all New Zealand freehold land, which it expects to sell for an additional NZ$10 million.

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