Casino News

SkyCity 'to sell Adelaide casino'

2007-05-22 18:03:11

SkyCity is looking to sell its Adelaide casino, with Publishing and Broadcasting likely to be the only interested bidder, it has been reported.

The Sydney Morning Herald has advised that James Packer's firm could end up purchasing another property due to a lack of interest from the likes of Tabcorp and Tattersall's.

The Adelaide casino has fallen behind its rivals in recent months in terms of revenue and popularity.

SkyCity had previously said that a lack of richer gamblers at its venue in Auckland was to blame for lower company profits.

"Most of the things they've acquired have not produced satisfactory returns - Sky Leisure has been pretty awful, Adelaide's been pretty average, Queenstown's been fairly ordinary," said Tower fund manager Wayne Stechman, speaking to the Age.


Earlier this month Packer's publishing and broadcasting firm split into two separate divisions, devoting one solely to gaming interests.


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