The operator will shortly commence a formal sale process, led by UBS, to seek proposals from these and other parties
New Zealand-based operator SkyCity Entertainment is ready to listen to offers for its Adelaide casino in Australia and will open a formal sale process to sell the venue.
In a filing, SkyCity said: “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.”
Back in August, SkyCity confirmed it had received unsolicited approaches from two interested companies with regards to a potential acquisition of the group.
SkyCity said: “On 25 August 2026, SkyCity announced that it had received unsolicited approaches from two parties in relation to a potential acquisition of the Group. The Board unanimously determined that these proposals did not adequately reflect the underlying value of the company, and that the conditions were problematic. Accordingly, the parties were advised that SkyCity was not prepared to proceed on the terms proposed. 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.”
Whilst not officially named, they were reported to be Oaktree Capital Management and Iris Capital, the owner of Casino Canberra and Alice Spring’s Lasseters Hotel Casino in Australia.
“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.”
SkyCity said it was in advanced, exclusive negotiations for the sale of The Grand Hotel, with a binding agreement expected shortly. The operator said it was 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).