New Zealand operator SkyCity Entertainment has opened a formal sale process for its Adelaide casino, led by investment bank UBS. The company received inquiries from several potential buyers after announcing a strategic review of its Australian business on 20 August 2026.
In late August SkyCity rejected two unsolicited proposals to acquire the entire group. The board found the terms unacceptable and the valuation too low. Market sources say the bids came from Oaktree Capital Management and Iris Capital, which owns Casino Canberra and Lasseters Hotel Casino in Australia. Talks with both parties continue, but no improved offers have been received.
SkyCity is also in exclusive negotiations to sell The Grand Hotel, with binding agreement expected shortly. The company aims to raise $275–300 million from asset sales by the end of 2026. It has already sold commercial property worth $74.5 million.
The board said the current share price does not reflect the group's true value. SkyCity will continue to assess options for value creation through asset sales and dialogue with interested investors.
