SkyCity Entertainment Sets Formal Sale Process for Adelaide Casino After Strategic Review

SkyCity Entertainment Group will shortly commence a formal sale process for its Adelaide casino in Australia.

In a filing, the New Zealand-based operator confirmed it has received inquiries from credible interested parties since announcing the strategic review of the Adelaide business on 20 August 2026. The process will be led by UBS to seek proposals from these parties and others.

According to G3 Newswire, SkyCity stated: “Since announcing the strategic review of the Adelaide business on 20 August 2026, SkyCity has received inquiries from credible interested parties in that asset. SkyCity will shortly commence a formal sale process, led by UBS, to seek proposals from these and other parties.”

This follows the 25 August 2026 announcement that SkyCity had received unsolicited approaches from two parties for a potential acquisition of the SkyCity Group. The board unanimously determined these proposals did not adequately reflect the underlying value of the company and that the conditions were problematic. The parties were advised that SkyCity was not prepared to proceed on the terms proposed.

The two parties were reported to be Oaktree Capital Management and Iris Capital, owner of Casino Canberra and Alice Springs’ Lasseters Hotel Casino, though not officially named by the company.

Board Engagement on Proposals and Value

SkyCity has continued to engage with both parties since that time. While no further proposals have been received to date, the board intends to continue those discussions while also evaluating other opportunities that may enhance shareholder value.

“The Board continues to believe that the current share price and previously disclosed approaches do not fully reflect the underlying value of the SkyCity Group,” it said. “SkyCity continues to make good progress on key strategic initiatives as outlined further below. The non-binding indicative proposals received earlier in the year have not resulted in improved proposals. Alongside the existing strategy, the Board intends to now also evaluate a range of potential opportunities under a structured process, including engagement with interested parties.”

Targeted Proceeds from Hotel and Property Sales

SkyCity is in advanced, exclusive negotiations for the sale of The Grand Hotel, with a binding agreement expected shortly. The operator is targeting aggregate proceeds of between $275m and $300m prior to the end of 2026, having completed the sale of its commercial properties realising $74.5m.

Reporting: G3 Newswire

Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.