SkyCity mulls sale of Darwin Casino

New Zealand’s SkyCity Entertainment is considering selling a number of assets, including its under-performing Darwin casino.

According to local sources, the casino operator is understood to have approached investors in March to “gauge market interest” in its assets, which includes one of its Auckland hotels, several carpark facilities, and its Darwin Casino.

However, finding a buyer at the right price will be difficult. Previously The Star Entertainment Group was thought to be the most suitable buyer, however, it is understood the operator is concentrating on its own upcoming projects.

With SkyCity’s debt to earnings ratio set to hit 3x in the 2018 fiscal year along with several projects in the pipeline, the company has “little room for error”, says The Australian Financial Review, who quotes local sources.

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