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Adelaide casino in NZ up for grabs

The Adelaide casino in New Zealand is likely to be sold soon, after the owner SkyCity Entertainment Group (NZE:SKC) announced its plans to shave some of the bad business off.

Adelaide casino in NZ up for grabsThe sell of the casino is unlikely to get high bidders. James Packer's Publishing & Broadcasting Ltd (ASX:PBL) is speculated to be the only possible bidder for the casino, as its competitors Tabcorp Holdings Limited (ASX:TAH) and Tattersall's Limited (ASX:TTS) have both announced that they will suspend new casino purchases for a while. The casino is also located in a heritage-listed building, which makes it close to impossible to expand in the future.

SkyCity also owns Auckland casino and Darwin casino, and has announced plans to do some 230 job-cutting in the coming months. The 40% stake in Christchurch casino could also be on the market soon, according to company representatives. Market expectations for the 2007 SkyCity full-year profit is around 18 down from 2006.


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