MUMBAI: New Zealand‘s biggest casino operator, Sky City Entertainment Group Ltd.has agreed to sell its cinema interests and will only focus on its core business.

Sydney-based Amalgamated Holdings Ltd. agreed to buy the business in New Zealand and Fiji for NZ$59 million ($43 million), Auckland-based Sky said in a statement to the New Zealand stock exchange. The parties aim to complete the transaction by 15 February. 

Sky has "significantly" improved the performance of the cinema group the past 18 months, helping achieve today‘s sale, Chief Executive Officer Nigel Morrison said. The transaction excludes Sky‘s interest in a ticketing software company and the division‘s land and buildings, he added.