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SkyCity sells off stake in online platform provider Gaming Innovation Group

by Newsdesk

Tue 25 Jun 2024 at 06:40

SkyCity sells off stake in online platform provider Gaming Innovation Group

14

SHARES

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New Zealand’s SkyCity Entertainment Group said early Tuesday that it has entered into an unconditional agreement to sell its entire 10% shareholding in Gaming Innovation Group Inc (GiG), the European-based online gaming platform provider and media services operator that hosts the company’s online gaming operations.

In a filing, SkyCity said the net proceeds of the sale are approximately NZ$55 million (US$33.7 million) after brokerage and legal costs, with the proceeds to be used to pay down debt. This, the company added, is “part of its ongoing prudent approach to capital management.

“SkyCity has decided to divest its shareholding in GiG as it is non-core to its ongoing operations, and is now not considered strategically necessary for SkyCity,” it said.

SkyCity will continue to work with GiG through its involvement with online real money casino SkyCity Online Casino, operated out of Malta.

The company acquired its shareholding in GiG in April 2022 for €25 million (US$26.8 million).

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Tags: Gaming Innovation Group New Zealand SKYCITY Entertainment Group SkyCity Online Casino

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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