Sky City entertainment purchases more shares in cinema group

Sky City Entertainment Group Ltd, a New Zealand largest casino company, announced an acquisition of Sky City Leisure Ltd, a New Zealand-based cinema group. The Entertainment group possessed 74 percent of Sky City Leisure before the purchase. Now the company would own 95.8 percent of the cinema group’s shares, reported

The recent agreement will allow the Group to continue its expanding policy. Currently Sky City is restricted by legislation from opening any new casinos and widening its existing sites. Therefore the last purchase will give new opportunity to develop its strategy.

The media also reported about the plans of Sky City to buy casinos in Australia, to start investing in internet gaming sites, and to get stakes in rival casinos in New Zealand. Experts consider the Group will have to balance the cinema’s shares by another compulsory acquisition.

Managing Director, Evan Davies commented the purchase, “The decision to acquire the remaining equity in Leisure will enable the ownership and management structure to be streamlined, reducing the corporate and compliance costs of the business, and allowing for future growth.”

“Our offer was found to be fair by independent assessors, and was recommended by the independent directors of SkyCity Leisure. The offer was made with a view to providing minority investors with the opportunity to sell their equity at a fair price,” he added.

European Internet bookie, which is gaining increasing popularity in French-speaking countries, signed an agreement with the Net Entertainment software provider for developing an online casino package for the company, reported. to Introduce New Online Casino

Chief executive of MrBookmaker Didier Dewyn said: “We made the strategic decision to add casino games to our offering in the second half of 2003. Since then we have gone through an extensive selection process to find the partner who will deliver the maximum business value to us. It has not been an easy choice, but when we signed the agreement with Net Entertainment, we were very confident that we had made the right decision. In particular we were very impressed by the powerful backend casino management tools, which will give us total control over our casino operations.”

Pontus Lindwall, chief executive of Net Entertainment, added, “For Net Entertainment, this order marks a breakthrough on the French-speaking European market. Our business goals for 2004 are focused on an expansion of our offering in the main European markets. This order shows that we are well on the way of reaching our goals.”

Net Entertainment was chosen because its casino module has been specifically designed to enable multilingual sites to provide casino games fore their customers. MrBookmaker currently operates in English, French, German and Dutch.

Write a Comment

Your email address will not be published. Required fields are marked *