Why judge ruled in favour of SkyCity in multimillion-dollar car park spat

Why judge ruled in favour of SkyCity in multimillion-dollar car park spat
The SkyCity fire in October 2019 damaged the car park. (Image: NZME)
Victoria Young
A high court judge has ruled SkyCity’s interpretation of a car park contract with a Macquarie Group subsidiary was the correct one, meaning the New Zealand stock exchange-listed firm is likely to pay about $188 million.This is a win for the casino operator, which fought against Macquarie’s interpretation of the concession agreement that estimated SkyCity was liable for $240m.The contract was over car parks damaged by the October 2019 convention centre fire.Justice Neil Campbell found in favour of the casino company’s interpret...

More Markets

Advent International eyes NZ deals with Aussie outpost
Markets

Advent International eyes NZ deals with Aussie outpost

US private equity giant says NZ key market for growth.

These shares are 'priced for awful'
Markets

These shares are 'priced for awful'

Kathmandu, SkyCity and Fletcher shares are under pressure. Some are taking the plunge.

NZ sharemarket drifts lower
Markets Market close

NZ sharemarket drifts lower

The S&P/NZX 50 Index closed at 11,776.73, easing 12.65 points or 0.11%.

Graham Skellern 02 Jul 2024