Sky City wants to buy Taverner in New Zealand

October 6

Yesterday in New Zealand, it was being reported in the local news that Sky City Entertainment Group, New Zealand's biggest and most well-known casino company, revealed that it would bid for Taverner Hotel Group. The hotel group is being valued at about $228 million US.

The main issue with Sky City is that over 60% of the revenue generated by the company is from gaming, mostly slots.

The Melbourne-based Taverner Hotel Group owns a total of 33 hotels and has casinos and nightclubs. Sky feels that the acquisition will jibe well with its existing operations.

Back in August, the entertainment group reported that second-half revenue growth had ebbed because of new rules in New Zealand that include a smoking ban in casinos and restrictions on currency monies used in slot machines there.

Smoking bans and currency issues have become a major damper on slot machine gambling in the nation.