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.
The
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.
05/22/2007
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