Sharechat Logo

SkyCity to start reopening this afternoon

Thursday 24th October 2019

Text too small?

SkyCity Entertainment says it will reopen parts of its Auckland precinct later today as it takes a phased approach to resuming normal business after fire devastated the construction site of its new convention centre.

"Fire and emergency services teams will remain on site until such time as the fire is successfully extinguished and the site can be handed back to Fletcher Construction," Sky says in a statement.

Fletcher is the lead construction contractor on the convention centre and the adjacent Horizon Hotel.

The fire broke out in the bitumen roof of the convention centre at about 1pm on Tuesday.

SkyCity says once the extent of the damage is known, it and Fletcher will be able to determine the impact on how long it will take to complete the project "to the standard agreed with the New Zealand government."

The project was supposed to have been completed by the first quarter of this year but, until the fire, that had been pushed out into the second half of 2020 and SkyCity has withheld $39.5 million in liquidated damages. Fletcher's liability for liquidated damages on the project is believed to be capped at about $40 million.

SkyCity shares were recently unchanged at $3.85 and Fletcher shares were down 0.4 percent at $4.69.


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Gold Edges Higher After IMF Shaves World Growth Forecast
PaySauce to raise $5.8m, convert notes to equity
Phase One Trade-Deal is an improvement with noteworthy limitations
21st January 2020 Morning Report
Dollar Trims Gain on French Tariff Deal; Oil Rises
Finzsoft blocked from quitting credit unions contract over Christmas
China Unveils Plan to Reduce Single-Use Plastic by 2025
20th January 2020 Morning Report
Rio Tinto reiterates Tiwai position as aluminium prices stay weak
TIL downgrades earnings by up to 40%, suspends first-half dividend

IRG See IRG research reports