Wednesday, October 05, 2022

SkyCity says conditions for casino concessions met

New Zealand’s SkyCity Entertainment Group said it has formally signed a building works contract with The Fletcher Construction Co, triggering the activation of government concessions granted to the company over its gaming license and tables.

The formal signing means the concessions are now operative and will be activated, SkyCity said in a stock exchange filing. The two companies announced a binding commitment letter on Oct. 27th over building works contracts for the New Zealand International Convention Centre and Hobson Street Hotel.

SKYCITY has agreed with the Crown to spend at least $430 million constructing the NZICC, in return for a range of gaming concessions including the extension of its Auckland licence through 2048.

The $477 million contract with Fletcher Construction was to build and complete the design of the NZICC, the 5-star, 300-room Hobson Street hotel, the retail laneway linking Nelson and Hobson streets, and 1327 carparks under the NZICC.

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