Australian media speculates SkyCity poised to sell Darwin casino

Plans showing how SkyCity's Darwin resort could look, after redevelopment.

New Zealand's only casino business has been reported to be negotiating to sell its Darwin casino to a Taiwanese business but the business says no sale has been made.

The Australian reported: "SkyCity Entertainment's sale of its Darwin casino is moving towards a conclusion, with Taiwan's Pau Jar Group said to be circling it."

But a SkyCity spokesman said this morning: "I have not seen the report but I can tell you categorically SkyCity has not sold SkyCity Darwin. There are some people looking at the property. A number are interested but nothing has been sold."

An institutional investor said a Darwin sale could be extremely welcome because the business is in a capital-intensive phase.

A previous report said SkyCity was seeking more than $200 million for Darwin.

SkyCity was reported in The Australian to be negotiating with Pau Jar Group which develops resorts, residential and commercial projects in Australia, Taiwan, Vietnam and China.

SkyCity is due to report its annual result tomorrow for the year to June 30, 2018. Chief executive Graeme Stephens will be speaking about the result and the status of major projects in Auckland and Adelaide and other key strategic initiatives, according to a media advisory notice sent out on Thursday last week.