SkyCity has sold its 10% equity investment in Gaming Innovation Group (GiG) for approximately $55 million.
The New Zealand-based casino operator said it entered into an unconditional agreement to sell its shareholding in the European online gaming platform provider and media services operator.
SkyCity intends to use the proceeds from the sale to pay down debt.
The company described the divestment as non-core to its ongoing operations and not strategically necessary.
It acquired the shareholding in GiG in April 2022 for €25 million (about NZ$40m at the time).
SkyCity will maintain its relationship with GiG through its involvement with the SkyCity Online Casino.
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