UPDATE 1-NZ's Sky City says to build A$50 mln resort in Darwin

(Adds quotes, updates price)

WELLINGTON, June 9 (Reuters) - New Zealand casino operator Sky City Entertainment Group (SKC.NZ) said on Monday it would spend A$50 million ($48 million) on developing a resort in Darwin, Australia.

Sky City said it had secured a beachfront site next to its existing casino in the north Australian city, and would build a resort with accommodation, entertainment and recreational facilities.

"The Northern Territory has a growing national and international reputation as an outstanding tourist destination and is one of the fastest growing economies in the Australasian region," chief executive Nigel Morrison said in a statement.

Shares in Sky City, a top-10 stock, last traded down 2.2 percent at NZ$3.60, in a broader market that was 1.4 percent lower.

Sky City has a near monopoly on casinos in New Zealand, as well as operations in Darwin and Australia. It also owns a cinema chain in New Zealand, which was withdrawn from sale last Friday after a deal fell through.

Morrison, who became chief executive in early March, has said he plans to spend 12-18 months getting the company performing as it should, before targeting growth opportunities.

He told Reuters in an interview that Sky City was no longer a takeover target after a prospective bidder could not find the finance to make an offer. (A$1=$1.04) (NZ$1=$1.30) (Reporting by Adrian Bathgate)