Malaysia’s Genting Group is thought to be among the leading candidates to buy boutique Australian casino SKYCITY Darwin, located in Australia’s tropical north.
According to local media, Genting is one of a number of potential buyers to have been approached by current owner SKYCITY Entertainment Group, which is looking to offload its Darwin asset to focus on the expansion of properties in Adelaide and Auckland.
As previously reported by Inside Asian Gaming, SKYCITY revealed to investors on Tuesday that it has appointed Goldman Sachs to test interest from selected parties.
Fellow Australian operators Crown Resorts and Star Entertainment Group are among the obvious candidates but it is believed by some analysts that a foreign investor would make for a more suitable candidate. Star has reportedly rejected overtures while Crown is focusing on stabilizing its current assets after a mass sell-off its foreign interests and last week’s shock resignation from the board by James Packer for mental health reasons.
It is believed that Darwin could appeal to Genting Group as a unique point of difference for its high-end customers within a relatively short flight time from Asia.
SKYCITY Darwin is estimated to be worth between AU$200 million and AU$250 million and comes with exclusive rights to operate a casino in Darwin until 2036.
