SkyCity acquires land for Auckland casino

    SkyCity Entertainment has now acquired all the land needed to build its giant entertainment and convention centre in central Auckland, but is unlikely to unveil detailed plans for the resort until after the September general elections, local media said.
    SkyCity plans to build a $402 million complex. The company agreed with the government to build and operate a convention centre in return for the right to operate more gambling tables and a 27-year extension of SkyCity’s licence to operate as an effective monopoly in Auckland. The company gained approval for 230 more gaming machines and 52 more tables.
    The deal listed two options for the footprint of the NZICC development, with the slightly larger second proposal requiring SkyCity to acquire two properties at 85 and 91 Hobson St., The Timaru Herald said, adding the company had gone with the larger of the two options.
    Property records list SkyCity acquiring those properties for a combined sale price of $10.65m. The combined rateable value for the sections is $8.25m.
    SkyCity is scheduled to complete the centre by September 30, 2017.
    SkyCity is New Zealand’s only listed casino operator and also operates properties in Australia.