MELBOURNE, June 14 Asia Pulse - New Zealand-based casino operator SkyCity Entertainment Group Ltd (ASX:SKC) will fund the development of a $NZ350 million (US$285.46 million) convention centre in Auckland if it is granted an extension of its licence and more gaming tables and machines next door.
SkyCity said on Tuesday that it had been selected as the preferred developer of the 3,500-seat convention centre in Auckland, adjacent to its Auckland casino.
SkyCity, which operates casinos in Auckland, Hamilton, south of Auckland, and in Queenstown, New Zealand's ski mecca on the South Island, and in Adelaide and Darwin, said it was prepared and able to fund the full development of the convention centre.
"This is subject to reaching a satisfactory outcome from the discussions with (the NZ) government, to ensure that SkyCity achieves an overall acceptable return on this substantial investment," SkyCity said.
"As part of the proposed deal, SkyCity will negotiate with government on changes to the regulations that cover the scale and efficiency of its casino activities.
"These changes include an increase in the capped number of gaming tables and machines and an extension to the existing casino licence in Auckland beyond its current renewal date of 2021."
New Zealand Economic Development Minister, David Carter, said the talks with SkyCity would not include a reduction of the age of entry to casinos.
The talks also would exclude allowing SkyCity an internet gambling licence or additional casino licences.
Shares in SkyCity were seven cents higher, by 2.6 per cent, at $2.77 at 1015 AEST on Tuesday.
(AAP) ry 14-06 1431
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