SkyCity Entertainment Group to sell Adelaide asset and explore group transactions

SkyCity Entertainment Group has announced it will begin a sale process for SkyCity Adelaide in Australia as an individual asset. The company is also exploring broader potential transactions involving the entire group.

To manage the sale of the Adelaide property, which includes significant event space and hotel inventory, SkyCity has engaged the investment bank UBS. The firm is also working with law firm Chapman Tripp to evaluate other business opportunities and potential transactions.

This move follows the rejection of two unsolicited acquisition offers in May, including a bid from Oaktree Capital. SkyCity previously stated those offers did not adequately reflect the company's underlying value. Additionally, the group expects to soon enter into a binding agreement for the sale of The Grand Hotel in Auckland.