Sky City buys up Hamilton casino

Sky City Entertainment today said it had acquired the remaining shareholding in Waikato casino Sky City Hamilton, plus retail and office space for a total of $37 million.

Sky City said it had reached an agreement to acquire Riverside Trust's 30 per cent equity in the casino for $33 million, making it the 100 per cent owner.

In a statement to NZX, Sky City also said it had agreed to buy six retail properties and office space in Hamilton's Riverside Entertainment complex for $4 million.

"The retail properties... are designed for food and beverage operations, and their acquisition will enable Sky City Hamilton to operate the centre as an integrated entertainment complex," Sky City said.

The agreements were conditional on completing the paperwork, getting Overseas Investment Commission approval, and any necessary casino regulatory approvals.

Sky City said it expected to complete the transactions by June 30. They would be funded from Sky City's "existing financial resources".

Sky City shares closed yesterday at $4.11, having ranged between $4.10 and $5.50 in the past year.

- NZPA