Thursday, July 07, 2022

SkyCity gets US$141 million from Auckland carpark sale

New Zealand casino operator SkyCity has sold all of its car parking spaces at its central Auckland hotel and casino complex for NZ$220 million ($141 million).

The purchaser is the Macquarie Principal Finance Group and the parks will continue to be available to SKYCITY customers, staff and the public.

The sale was first mooted last year and is consistent with the company’s “capital lighter’ strategy which involves divesting selected property and other non-core assets and recycling the funds into better performing assets.

Macquarie has appointed Carepark, as the operator for the carpark which will have a licence until 2048 when the company’s casino licence is also due to expire.

The sale covers the 1960 existing carparks and 1327 being built as part of the International Convention Centre. 450 carparks are reserved for SKYCITY’s VIP customers and SKYCITY has agreed not to operate any other carparks.

SKYCITY will use the funds to pay down $100 million bank debt and will retain the balance as cash, and the company notes in its statement to the NZX that the transaction will be “slightly EPS dilutive due to the initial use of the proceeds.”

SKYCITY also told the NZX that settlement had been made for the sale of its Darwin casino complex to Delaware North which will now be known as the Mindil Beach Casino and Resort.

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