SkyCity Entertainment Group, the New Zealand casino operator, has opened a structured process to find buyers for its entire portfolio. Chairman Julian Cook told the annual shareholder meeting that the board will consider an offer if it sees a better alternative for shareholders than the current growth strategy.
The portfolio sits in two countries: the largest casino in New Zealand, the 328-metre Sky Tower, the New Zealand International Convention Centre (NZICC), and casinos in Hamilton and Adelaide. UBS is acting as investment banking adviser, Chapman Tripp as legal adviser. Suitors will get access to part of the information so they can run due diligence and prepare offers. Cook said the structure of the process is still taking shape and will take time, and that the board still considers the current strategy sound.
Trading and the online licence
First-quarter FY27 results came in level with the fourth quarter of FY26. Consumer conditions in New Zealand and Australia remain subdued, Cook said, while revenue is in line with expectations. The cost savings programme is running ahead of schedule, with about a quarter of the expected annual benefit booked. Profit guidance issued in August 2026 with the FY26 results stands, though it now needs adjusting for the sale of The Grand Hotel. There is no formal guidance: no date for entering the online casino market, and the macro picture in both markets stays uncertain.
CEO Jason Walbridge said the licence auction closed inside the modelled scenarios. The company chose two licences rather than the maximum of three to protect target risk-adjusted return on capital. Thirty years in land-based gaming built a recognisable brand, he said, and it can now carry an online product in a way that was not possible before.
