SkyCity agrees to pay US$124.9m to resolve Auckland car park dispute
SkyCity Entertainment Group and MPF Parking NZ Limited have agreed that the car park will return to the casino operator.
New Zealand.- SkyCity Entertainment Group Limited has reached a commercial resolution with MPF Parking NZ Limited (MPF) over a dispute about a long-term concession agreement linked to the SkyCity Auckland car park.
According to a company filing, SkyCity will regain control of the car park on January 31. As part of the resolution, it will pay compensation of AU$204m (US$124.9m) to MPF. In November, the High Court of New Zealand had ruled in favour of the casino operator’s interpretation of the concession agreement.
The company stated: “SkyCity looks forward to working with MPF on the orderly transfer back to SkyCity of the Auckland car park business, which is a high-quality, integrated operating asset that is a key driver of local gaming visitation.”
See also: SkyCity lowers forecast for 2024
