SKYCITY Entertainment Group Limited is set to complete the sale of SKYCITY Darwin this Thursday 4 April following the satisfaction of all conditions in its sale and purchase agreement with US buyer Delaware North.
SKYCITY revealed on Friday that the sale, which will see Delaware North acquire 100% of shares in the Australian-based casino’s operating entity SKYCITY Darwin Pty Limited, is now unconditional, having also obtained all necessary approvals from the Northern Territory Government.
“We are pleased that the sale of SKYCITY Darwin is now unconditional,” said SKYCITY CEO Graeme Stephens.
“The sale is consistent with our strategy to sell certain non-core assets and to allocate capital to assets and businesses which we feel are better aligned with our long-term strategic objectives.”
Under the terms of the sale, SKYCITY will retain an adjacent site called Little Mindil for separate sale. The company also retains ongoing right to access the VIP and premium gaming facilities at the Darwin casino for its International Business customers for at least two years after completion of the sale.
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