What’s a burnt carpark worth? Depends if you ask KPMG or Deloitte
Key Points
- SkyCity and Macquarie cannot agree on the interpretation of a concession agreement.
- AUSTRAC has separately posed questions of Sky City’s governance.
- Rivals Star and Crown are further advanced in their turnaround strategies.
Adelaide casino owner SkyCity Entertainment is at loggerheads with investment giant Macquarie over how many millions of dollars it must pay to buy back its fire-damaged carpark.
The ASX-listed operator hired Deloitte to work out the value of a carpark concession it must repay Macquarie after missing a crucial handover deadline caused by a 2019 fire at the New Zealand International Convention Centre. The dispute over the amount escalated two months ago when SkyCity launched Auckland High Court proceedings to determine the price it needs to pay.
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