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SkyCity sells stake in Gaming Innovation Group

25th June 2024 10:33 am GMT
Gaming Innovation Group

New Zealand’s SkyCity Entertainment Group has sold its remaining 10 per cent stake in Gaming Innovation Group (GiG) for net proceeds of NZ$55 million.

SkyCity acquired its shareholding in GiG in April 2022 for €25 million (approximately NZ$40 million at the time), with the shareholding now deemed to be non-core to its ongoing operations.

SkyCity continues to have a relationship with GiG through its involvement in the Skycitycasino.com iGaming site, which launched in 2019 and is operated from Malta.

Net proceeds of approximately NZ$55 million from the sale will be used to pay down debt.

The shares have been sold to entities related to the Juroszek family, which now holds a combined 25.06 per cent stake in the business.

Mateusz Juroszek, who serves on the board of Gaming Innovation Group, recently spoke to Gaming Intelligence about his plans for the business.

Shares in SkyCity Entertainment Group Ltd (NZ:SKC) closed 1.39 per cent higher on Tuesday at NZ$1.46 per share, while shares in Gaming Innovation Group Inc (STO:GIGSEK) were trading 1.44 per cent lower at SEK27.35 per share.