SkyCity to sell stake in Gaming Innovation Group for $55 million

SkyCity has made a deal to sell its stake in European-based online gaming platform Gaming Innovation Group (GiG).

The casino operator said proceeds from the sale of its 10 percent would result in a net return of about $55 million after brokerage and legal costs, which was a gain on about $40m it paid in April 2022.

In a statement, SkyCity said it would use the proceeds to pay down debt as part of its capital management plan.

The company said it continued to have a relationship with GiG through its involvement with the SkyCity Online Casino, which was operated from Malta.

However, SkyCity said its shareholding in GiG was no longer considered strategically necessary for SkyCity.