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Sky City halts casino sale

26 October 2007

NEW ZEALAND -- As reported by the Sydney Morning Herald: "New Zealand casino operator Sky City Entertainment Group confirmed its full-year profit guidance and said it had halted the possible sale of one its casinos pending the outcome of a takeover process.

"The company said on Friday it was still comfortable with its previously announced forecast of a net profit of between NZ$108.2 million and NZ$110.2 for the year to June 2008, compared with a net profit NZ$98.4 million in the previous year.

"Sky City also said it had suspended the sales process of its Adelaide Casino in Australia, which analysts have said could fetch around US$340 million, until the current takeover process concluded.

"...Sky City said last month it had received an approach about a possible takeover. Last week, it said it had received fresh expressions of interest and expected at least one of those to result in financial and commercial due diligence..."

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Sky City halts casino sale is republished from Online.CasinoCity.com.