Australia and New Zealand casino operator SkyCity Entertainment Group has sold its Darwin property to Buffalo-based gaming and hospitality giant Delaware North.

On Thursday, SkyCity announced that it had reached agreement to sell its SkyCity Darwin casino to Delaware North for AU$188m (US$137m). The deal doesn’t cover the adjacent Little Mindil beachfront property, which SkyCity plans to sell separately at some future date.

Delaware North’s purchase of the Darwin casino is contingent on it obtaining the necessary financing – which SkyCity says is “well progressed” – within 60 days. Northern Territory gaming regulators will also have to sign off on the deal.

SkyCity announced this spring that it was looking to sell its Darwin casino, which holds an exclusive license in the region until 2036. The Darwin property was the only SkyCity casino not to report increased earnings in its most recent annual report, although the company said an unfortunate string of keno jackpots helped drag down the numbers.