NZX/ASX Announcement - Update on the New Zealand International Convention Centre
SkyCity Entertainment Group Limited (SKC.NZX/SKC.AX) (SkyCity) advises that the New Zealand Government and SkyCity have agreed to extend the long stop date for completion of the New Zealand International Convention Centre (NZICC) project from 2 January 2025 to 15 December 2027 under the New Zealand International Convention Centre Project and Licensing Agreement (NZICC Agreement).
SkyCity’s obligation under the NZICC Agreement to operate the NZICC will also be extended based on the date when the NZICC is completed. The regulatory concessions granted to SkyCity under the NZICC Agreement are unchanged.
Although Fletcher Construction Company Limited’s (Fletcher Construction) latest draft programme indicates completion of the NZICC in late 2024, SkyCity considers it prudent to have a buffer between the programme date and the long stop date.
SkyCity and Fletcher Construction remain committed to completing the NZICC in accordance with the requirements of the NZICC Agreement. SkyCity will continue to work with Fletcher Construction to complete the project as soon as possible.
SkyCity intends to provide a further update on the NZICC (and Horizon Hotel) project on
25 August 2021 when it releases its FY21 result to the market. SkyCity advises that there is no material change to previous guidance for the total project costs (around $750 million).