SkyCity to Sell its Stake in GiG

Betting operator SkyCity Entertainment Group revealed this week that it is selling off its entire stake in Gaming Innovation Group (GiG) for the purposes of paying down debt.

The company is looking to sell its 10% stake in the company for upwards of NZ$55 million after being advised to sell. The company has considered the shares to not be strategically necessary and therefore ripe for the selling.

Funds will go toward paying down debt costs, as the company has racked up huge legal fees after it was found to have violated New Zealand's Anti-Money Laundering and Countering Financing of Terrorism Act 2009 as well as in Australia, where it was fined AUD$67 million in court for similar violations.

Sky City purchased its holdings in GiG in April 2022, paying NZ$40 million for the pleasure.

As of press time a buyer for the shares wasn't available, so we'll be following this story and updating readers as we learn more.

About the author

Kingston Li // Asia Correspondent
Kingston Li
Kingston is a big fan of Baccarat and Texas Hold'em Poker and has tested his skills in tournaments around Asia and the world. He covers the latest gambling news from Asia for Casino Listings. In his spare time, Kingston enjoys hiking, video gaming, and playing disc golf.

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