Latest SkyCity Entertainment (NZX:SKC) News

Small-cap shares swung widely as exploration results, takeover bids and funding needs drove the week’s biggest moves.
Kaoko plunged while PARKD rallied, showing how quickly thinly traded stocks can change direction.

SkyCity has signed a conditional agreement to sell The Grand Hotel and its business assets for $221 million, converting a previously proposed transaction into a binding deal. The proceeds are intended to repay debt, although completion still depends on Overseas Investment Office consent and other conditions.

SkyCity Entertainment Group has secured the right to apply for two New Zealand online casino licences, committing NZ$30 million in licence fees before GST. The company still needs to complete the application process ahead of next year’s planned market opening.

SkyCity has appointed UBS and Chapman Tripp to run a structured process exploring potential transactions and other ways to lift shareholder value, while continuing talks with two parties whose earlier approaches were rejected. The casino operator also expects major asset sale proceeds and says cost savings are tracking ahead of plan.

SkyCity Entertainment Group turned down two unsolicited takeover proposals from Oaktree Capital and another party, citing undervaluation and onerous conditions. The company remains focused on its asset sales and operational reset.

SkyCity Entertainment Group reported a 22% drop in underlying EBITDA for FY26, impacted by regulatory costs and carded play rollout, while progressing asset sales and preparing for New Zealand's online casino market.

SkyCity Entertainment Group has signed a non-binding heads of agreement to sell The Grand Hotel, aiming to boost financial flexibility through asset monetisation and debt repayment.

SkyCity Entertainment Group has completed the unconditional sale of its 99 Albert Street and Victoria Street properties for $74.5 million, aiming to reduce debt and boost financial flexibility.

SkyCity Entertainment Group and its Adelaide arm have struck a non-binding deal with South Australian regulators to settle long-running compliance issues, including a A$21 million fine and major governance changes at the Adelaide Casino.