SkyCity Sells 50% Stake to Vista Entertainment Solutions
Submitted by Amandeep Menon on Mon, 05/24/2010 - 15:35
SkyCity has sold its 50% stake to cinema software vendor Vista Entertainment Solutions. SkyCity explained that it took the decision in order to pay more attention to its casino operations. So, it has shared the cinema business.
Vista CEO Murray Holdaway said that SkyCity had indicated it longtime back that it is intending to focus more on core casino and entertainment businesses and dissociate from the cinema wing.
SkyCity reduces its debt burden
Submitted by Amiri Halberg on Fri, 07/10/2009 - 22:27
New Zealand-based SkyCity Entertainment Group Ltd has reduced the debt burden of US Private Placement debt, buying back debt of US$53m, due to mature in March 2012. This buy back has helped the firm reduce its debt burden by 9.0%.
The company was under debt pressure of $NZ627m in the US private placement debt market. The holders of $NZ84.5m of debt, out of total debt, sold their shares at 2 percent discount to its face value, but the remaining stakeholders declined to sell their equities at the given discount.
