Photo: RNZ / Marika Khabazi
SkyCity Entertainment Group will pay $204 million to settle a dispute with MPF Parking after it terminated a long-term car park concession agreement.
MPF agreed to return the Auckland car park to SkyCity on 31 January, after the $220m sale of the concession between the parties collapsed in late October.
MPF terminated the agreement after SkyCity failed to deliver the fire-damaged underground car parks at the International Convention Centre on time.
In a recent update to the market, SkyCity said a delay in the settling of the Auckland Car Park Concession Agreement with MPF had resulted in lower earnings from the carpark, which has almost 2000 spaces.
The dispute ended up in the High Court, which ruled in favour of SkyCity's interpretation of the settlement in late November.