Sky City Entertainment Gets Convention Centre

So Sky City Entertainment Group Ltd [SKC.NZX] has finally wrapped up the whole saga over the deal between themselves and the Government over the new National Convention Centre. The deal sees them get loads of concessions - such as their agreement for SKC to remain where they are till 2048 -  but certainly no more concessions than they would have got with a previous Labour Govt - their agreement with SKC sees them get 240 odd machines, the same as what they would have got with Labour, except their deal was far more generous and was on a far smaller centre.

So Govt favours can be well be discounted.

The deal is a winner in most respects. It provides employment for over 1000 people in its building stage and almost 800 people when fully built out.

The new centre will cost $315 million to build and fit-out, while the land will be worth $87m.

Construction on the centre is expected to begin in 2014 and open in mid to late 2017. It will cater for 3500 international conference delegates at any one time and attract an estimated 33,000 more delegates each year.

Economic Development minister Steven Joyce made the announcement today alongside SkyCity chief executive Nigel Morrison and Auckland Mayor Len Brown at SkyCity.

"An international convention centre in Auckland will be a major asset for New Zealand and will generate significant spin-off benefits including a projected $90 million annual injection into the economy.

The deal is politically neutral so can be done fairly and above board.

The only "problem" I see is what Sky City are going to get out of It, and that is simply answered by two words.

Thats business. 

Watch that share price today.

Sky City Convention Centre @ Share Investor 

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