Sky City Limited - Announcements

Announcements

Friday, 20th March 1998

Sky City advised that a supplementary dividend of 2.117647cps would be paid on 03/04/98 to non-resident shareholders registered as at close of business 20/03/98.

Friday, 6th March 1998

Sky City advised that the Casino Control Authority had advised that it had agreed to grant the subsidiary company, Sky City Casino Management, a casino operator's licence. The granting of this licence follows an application filed by the company in 07/97 and a formal hearings process which was held on 02/02/98.

Monday, 9th January 1998

Sky City will announce its half year result for the 6 month period ended 31/12/97 to the Exchange on 19/02/98.

Wednesday, 2nd July 1997

Sky City advise that Michael Regan, the Harrah's Entertainment representitive on the Sky City Board, has resigned and is being replaced by Philip Satre. Philip Satre currently holds the positions of Chairman, President and Chief Executive Office with Harrah's Entertainment. Mr Satre's appointment as a director of Sky City is conditional upon the standard regulatory approvals as required by the Casino Control Act.

Monday, 1st July 1997

Sky City is to buy-out the managment contract that Harrahs Entertainment Inc, Memphis, holds for Sky City. Currently Sky City pays a substantial annual managment fee to Harrah's for the operational services provided under the contract. Sky City will pay a buy-out fee, based on a formula provided in the contract, to Harrah's. The payment is likely to be in the region of NZ$13.5m after tax. Harrah's will continue to operate the Sky City complex for a period of up to 12 months while Sky City completes the legal requirements of obtaining the operators licence. The repurchasing of the casino operation by the owners is not uncommon internationally and the buy-out scenario was anticipated in the original agreement between Sky City and Harrah's.

Evan Davies, Managing Director of Sky City said "Our vision for Sky City is to be NZ's premier entertainment and leisure facility. the buy-out will bring the business home to Auckland and will create long term shareholder value. Sky City is at an exciting transitional point. The upcoming opening of Sky Tower will literally be the high point of the complex's development and will bring large new audiences into the center of Auckland."

Monday, 12th May 1997

Charles Ledsinger has resigned as a director of Sky City effective 7th May 1997. Michael Regan, Vice President and Controller of Harrah's Entertainment Inc has replaced Charles Ledsinger as a Director.