SkyCity to pay $190m compensation over dispute
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The news: Casino operator SkyCity Entertainment has agreed to pay compensation to Macquarie Principal Finance (MPF) to resolve its outstanding dispute over a car park in Auckland.
The numbers: SkyCity will pay NZD204 million ($190 million) to MPF to settle the long-running dispute, while Macquarie will return the car park by 31 January next year.
The context: The Macquarie Group-owned MPF acquired the long-term concession from SkyCity for the 3100 car park site in early 2019, but the handover was impacted by major fire at the adjacent International Convention Centre. Last month, the Auckland High Court ruled in favour of SkyCity’s interpretation of costs over the termination of the deal. However, the NZD204 million compensation is higher than SkyCity’s estimate of NZD187.9 million.
The source: ASX announcement
