TLDR SkyCity Entertainment Group has opened a structured review to seek proposals for its entire business after ongoing takeover interest. The board rejected two unsolicited, non-binding offers earlier in the year, calling them opportunistic. SkyCity has started a separate formal sale of its Adelaide casino, linked to an agreement that includes an A$21 million fine. The company plans to apply for two New Zealand online casino licenses, each costing NZ$15 million. Underlying EBITDA fell 22.3% to NZ$181.6 million in FY26, and the company is targeting a return to dividends in FY28.
SkyCity Entertainment Group has opened a formal review to seek proposals for its whole business. The New Zealand casino operator made the move after ongoing takeover interest from outside parties.
Chair Julian Cook shared the plan at the company’s annual shareholders’ meeting in Auckland on October 21. The company is also preparing to apply for two online casino licenses in New Zealand.
Earlier this year, the board turned down two unsolicited, non-binding proposals for the group. Cook said the board viewed those offers as opportunistic.
No new or improved offer for the whole business has arrived since then. However, Cook said interest in buying the group remains.
Advisers Named for Sale Review
SkyCity has hired UBS as its investment banking adviser for the review. Law firm Chapman Tripp will provide legal advice.
The board has also set up a Structured Review sub-committee to oversee the process. Interested parties will get access to selected due diligence information to help them build proposals.
Cook cautioned that the review does not guarantee a deal or an offer. It also does not mean the board has received a replacement for the offers it rejected earlier.
In a separate process, SkyCity has started a formal sale of its Adelaide casino. This