SkyCity Chief Stands Down

New Zealand’s SkyCity Entertainment Group is looking globally for a new managing director to replace Evan Davies, who stood down in mid-June.

This came as media reports suggested SkyCity had received unsolicited bids for its assets, and that it planned to sell its casinos in Adelaide, Australia; and Christchurch, New Zealand.

Goldman Sachs JBWere analyst Marcus Curley estimated the total proceeds from the sale could be up to $NZ644 million (US$492 million).

The Adelaide casino’s worth is estimated at $350 million. In May, the group announced it would axe 230 jobs as part of a NZ$33 million cost-cutting exercise and sell its $NZ54 million Metro building in Auckland.

During the search for a new managing director, director Elmar Toime will step in.