| Decision | Consent granted Section 13(1)(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 25 February 2014 |
| Investment | An overseas investment in significant business assets, being the establishment of a business in New Zealand by the Applicant where the total expenditure required before commencing business exceeds $100m. |
| Total cost of development | $402,000,000 |
| Applicant | SKYCITY Entertainment Group Limited New Zealand (74.5%) Australia (25.26%) Various overseas persons (0.24%) |
| Background | The Applicant has entered an agreement with the Crown to design, build, own and operate the New Zealand International Conference Centre (“NZICC”). The construction of an international-sized convention centre is intended to boost the New Zealand economy through attracting high-value international business visitors to New Zealand and enhancing New Zealand as a business events destination. In addition, the NZICC is expected to generate additional employment opportunities, with 1,000 people expected to be employed during construction and a further 800 employed directly at the convention centre once the NZICC becomes fully operational. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Garth Sinclair Webb Henderson P O Box 105-426 AUCKLAND |