December 19, 2012 / 9:59 AM / 5 years ago

NZ's Sky City to upgrade Adelaide casino after rules agreement

WELLINGTON (Reuters) - New Zealand casino company Sky City Entertainment Ltd is to spend more than A$300 million upgrading its Adelaide establishment in Australia after agreeing on regulations with the state government.

The company said on Wednesday it had reached a deal with the South Australian government on the future operating, regulatory and taxation environment for the Adelaide Casino.

It said it had agreed an extension on the casino’s operating licence, would be allowed to install more gaming machines and tables, and set new tax rates.

“After two-and-a-half years of negotiations, we are delighted to reach agreement with the South Australian Government which levels the playing field with our regional competitors,” Sky City Chief Executive Nigel Morrison said in a statement.

It said it now had certainty needed to commit to an upgrading the casino, including building a hotel and restaurants. It would also pay A$20 million to the state government for problem gambling matters.

Shares in SkyCity closed on Tuesday at NZ$3.62.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below