TLDR SkyCity Entertainment Group will start a formal sale process for its SkyCity Adelaide casino resort. The move follows inquiries from parties the company describes as credible. No timetable, buyer names or property value were disclosed. SkyCity rejected two takeover approaches in August but is still in talks with both parties. The company sold Auckland properties for NZ$74.5 million and expects a binding deal for The Grand Hotel soon.
SkyCity Entertainment Group will begin a formal sale process for its SkyCity Adelaide casino resort. The New Zealand-based company made the announcement in a filing on Wednesday morning.
The company said it received inquiries from parties it considers credible. The process will seek proposals from those parties as well as other potential buyers.
The sale process follows SkyCity’s recent decision to carry out a strategic review of the Adelaide business. That review has now moved into a formal stage designed to gather and assess offers.
Adelaide Sale Process Details
SkyCity did not name the parties that made inquiries about the Adelaide resort. It also did not say how many groups have shown interest.
The company gave no timetable for the process. It did not say when a preferred buyer might be chosen.
SkyCity also did not provide a value for the Adelaide property. It did not state whether it expects to reach a sale agreement.
The company said its wider review covers the Adelaide resort, its ownership structure and its asset base. The goal, according to SkyCity, is to maximize value for shareholders.
#SkyCity – All the Cards in Play. $SKC provided a positive set of updates on its strategic initiatives. The key new information was that SKC is launching a formal sale process for the Adelaide asset following its strategic review and enquiries from… https://t.co/KV2BDIQNQb