Adeline Casino Sale Suspended
26th October, 2007
The New Zealand Company, Sky City Entertainment Group, has now changed their mind to sell their struggling Adeline casino on North Terrace.
The company did receive a few enquiries about the casino, but it seems unreasonable to negotiate the Adeline sale now, when the SkyCity Entertainment Group itself is a subject to takeovers, two in fact.
The company’s executive director, Elmar Toime, made an announcement on the SkyCity annual meeting that there will be no resolution made about the sale of the casino until the results o the takeover process are through.
Toime explained: "We've put the sale of the Adelaide casino on hold pending the outcome of takeover approaches currently in progress. However we're confident that we can make this business work and we're confident that we have a strong development and recovery plan for Adelaide that underpins our internal evaluation of that business."
