April 30, 2020 / 10:07 PM / a month ago

BRIEF-Skycity Entertainment & NZ Govt Agree That COVID-19 Force Majeure Event Under Deal

May 1 (Reuters) - Skycity Entertainment Group Ltd:

* IN NEW ZEALAND, ALL SKYCITY PROPERTIES CONTINUE TO REMAIN CLOSED

* HOWEVER, AT ALERT LEVEL 3, CO RECOMMENCED WORK ON VARIOUS KEY DEVELOPMENT PROJECTS

* IN SOUTH AUSTRALIA, ADELAIDE CASINO CONTINUES TO REMAIN CLOSED

* AT ALERT LEVEL 2, EXPECTS TO RE-OPEN NZ PROPERTIES IN STAGED MANNER WITH REDUCED OPERATING HOURS INITIALLY

* DOES NOT EXPECT TO REQUIRE ANY WAIVERS FOR 30 JUNE DEBT COVENANTS

* SKYCITY ONLINE CASINO CONTINUED TO OPERATE & TRADED POSITIVELY OVER PAST 2 MONTHS

* CONTINUES TO HAVE AROUND $400 MILLION OF CASH & UNDRAWN DEBT FACILITIES

* NZ GOVERNMENT & CO AGREED THAT COVID-19 IS A FORCE MAJEURE EVENT UNDER NZICC AGREEMENT

* FLETCHER CONSTRUCTION RECOMMENCED WORK THIS WEEK ON NZICC & HORIZON BY SKYCITY HOTEL PROJECT

* CO’S OBLIGATION UNDER NZICC DEAL TO OPERATE NZICC TO BE EXTENDED BASED ON WHEN NZICC COMPLETED

* LONG STOP DATE FOR COMPLETION OF NZICC PROJECT EXTENDED TO 2 JANUARY 2025

* POST RECENT RESTRUCTURING INITIATIVES, OPERATING CASH NEEDS BEFORE RE-OPENING ANY PROPERTIES AT $12 MILLION/MONTH Source text for Eikon: Further company coverage:

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