SkyCity share offer to raise Adelaide Casino expansion funds

Wednesday, 11 May 2016 09:47:43

SkyCity's equity raising aims to fund its Adelaide Casino expansion plan. (Supplied)

SkyCity Entertainment Group hopes to raise more than $240 million to help pay for its Adelaide Casino expansion and an Auckland hotel venture by offering shareholders one new share for every 10 they have.

The planned $300 million expansion of the casino in Adelaide's city Riverbank precinct would include adding a hotel.

SkyCity said good progress was being made with the South Australian Government on legal and regulatory requirements.

It said joint early works were likely to start in the second half of the year and the main construction work was due to start a year later, with completion by late 2019 or early 2020.

"SkyCity has concluded that new equity is the best option for the company and its shareholders and expects this will underpin the funding plan for its major growth projects," it said in a statement.

The New Zealand-based company hoped its equity raising would be finalised by the middle of next month with new shares offered at $NZ4.40 each.

Also releasing a 10-month trading update to April 30, SkyCity said the performance of its Adelaide casino was continuing to improve, with better operating margins despite a slight fall in gaming revenue.

But it said its Darwin operation had declined in the 10 months due to challenging trading conditions.

AustraliaPlus

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SkyCity share offer to raise Adelaide Casino expansion funds

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