Skycity Entertainment has sold its 10% stake in Gaming Innovation Group, a European online gaming platform provider, for NZ$55 million ($50.6 million).
The proceeds will be used to reduce debt. SkyCity maintains a valuable relationship with GiG through its Malta-based SkyCity Online Casino.
SkyCity deemed the GiG shareholding non-core to its operations.
The company now projects 2024 underlying group EBITDA of NZ$280-NZ$285 million ($257.6-$262.2 million) and net profit of NZ$120-NZ$125 million ($110.4-$115 million), down from previous estimates of NZ$290-NZ$310 million ($266.8-$285.2 million) and NZ$125-NZ$135 million ($115-$124.2 million).