AustralianSuper ups SkyCity stake post-regulator threat

AustralianSuper has taken advantage of a regulator's threat to close SkyCity casinos in New Zealand. (Image:BusinessDesk)

Staff reporters

Mon, 25 Sep 2023

Australia’s largest superannuation fund, AustralianSuper, has increased its stake in Auckland-based SkyCity Entertainment, taking advantage of a sinking share price caused by a regulator’s threat to close its New Zealand casinos.The Department of Internal Affairs announced on Sept 4 that it was seeking a suspension “in the range of 10 days” for SkyCity’s Auckland, Hamilton and Queenstown casinos.The share price immediately fell more than 16% to trade at $1.95 after the announcement, and closed last week at $1....

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