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NZ's Sky City quits hotel, ups Chch casino stake

Tue Jun 10, 2008 9:03pm EDT

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WELLINGTON, June 11 (Reuters) - New Zealand casino operator Sky City Entertainment Group (SKC.NZ) said on Wednesday it would raise its stake in the casino in the South Island city of Christchurch after the sale of its stake in a hotel in the city.

Private Capital

Sky City said the Crowne Plaza Hotel in which it had a stake had been sold to an Australian private investor Eureka Funds Management for NZ$61.5 million ($46.2 million).

A series of related deals would seen Sky City raise its stake in the city's sole casino to 46 percent from 41 percent, as well as leave it with cash.

Shares in Sky City, a top-10 stock, last traded up 1.1 percent at NZ$3.55.

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 It also owns a cinema chain in New Zealand, which was withdrawn from sale last Friday after a deal fell through. (NZ$1=$1.33) (Reporting by Gyles Beckford)

Private Capital


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