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Sky City expects to make $70 million from sale of cinema businesses

Thursday 7th January 2010

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Sky City Entertainment Group, the casino operator, has finalised the sale of its New Zealand and Fijian cinemas business to Amalgamated Holdings, and expects to make a further $10 million from the sale of the associated assets.

Sky City sold its cinemas businesses for $61.1 million, $2 million more than the original agreement announced in November.

The sale is conditional on approval by the Overseas Investment Office, to be completed by Feb. 18.  

Not included in the transaction are the casino operator’s 50% shareholding in ticketing group Vista Entertainment Solutions, all cash deposits, and all New Zealand freehold land, which it expects to sell for an additional $10 million.  

The shares gained 0.3% to $3.41 in trading on the NZX today.

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