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Sky City Looking at Australian Casino

15 Jan 2004

AUSTRALIA – As reported by the Sydney Morning Herald: "New Zealand's Sky City Entertainment is in talks to buy MGM Mirage's casino in Darwin because government restrictions mean it cannot build or expand its three New Zealand casinos.

"The Darwin casino, with 29 gaming tables, 450 poker machines, a 107-room hotel and four restaurants, might be worth as much as $210 million (US$161.8 million), Sean Monaghan, a gaming analyst at ABN Amro in Sydney, said in a report.

"MGM Mirage paid about $105 million for the 25-year-old casino in 1995, Mr Monaghan said. MGM, the third-largest casino owner in the US, may be pulling out of Australia after failing to attract Asian gamblers to Darwin…"

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