Sky City Considers Acquisition

19 Sep 2005

NEW ZEALAND – As reported by Bloomberg: "Sky City Entertainment Group, New Zealand's largest casino operator, is considering an acquisition as it seeks to reduce its reliance on its Auckland casino, where government curbs on gambling have crimped earnings.

"'Sky City is undertaking due diligence in relation to a possible acquisition,' the Auckland-based company said in a prospectus for the sale of 150 million Australian dollars, or $115 million, of debt securities, released on Friday. Sky City declined to comment further, a spokesman, Paul Gregory, said Monday.

"The company's shares fell amid concern that the purchase might be a repeat of its acquisition in 2000 of the Adelaide Casino, where earnings slumped 44 percent this year. Sky City last year bought MGM Mirage's Darwin casino for about 150 million dollars.

"…Possible targets in Australia include Federal Group's Wrest Point and the Launceston hotel and casino businesses in Tasmania, which are among the few not already owned by larger companies."

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	Sky City Considers Acquisition 19 Sep 2005 NEW ZEALAND – As reported by Bloomberg: "Sky City Entertainment Group, New Zealand's largest casino operator, is considering an acquisition as it seeks to reduce its reliance on its Auckland casino, where government curbs on gambling have crimped earnings. "'Sky City is undertaking due diligence in relation to a possible acquisition,' the Auckland-based company said in a prospectus for the sale of 150 million Australian dollars, or $115 million, of debt securities, released on Friday. Sky City declined to comment further, a spokesman, Paul Gregory, said Monday. "The company's shares fell amid concern that the purchase might be a repeat of its acquisition in 2000 of the Adelaide Casino, where earnings slumped 44 percent this year. Sky City last year bought MGM Mirage's Darwin casino for about 150 million dollars. "…Possible targets in Australia include Federal Group's Wrest Point and the Launceston hotel and casino businesses in Tasmania, which are among the few not already owned by larger companies."