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’.

Bricks & Mortar Online casino Management Operations Online gaming Shareholding

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