SkyCity Entertainment Group has agreed to pay a AU$21M penalty as part of a settlement linked to regulatory failings at its Adelaide casino, closing a long-running...
SkyCity Entertainment Group has announced that it has finalized the sale of its 99 Albert Street office building and Victoria Street investment properties for $44 million as part of an asset monetization program.
The asset monetization program was first launched in 2025 in combination with a $141 million equity raise in an effort to reduce the company’s debt and collect cash. It’s expected that the initiative will generate around $177 million in gross proceeds by December 2026.
The decision to sell the properties was also connected to weaker annual earnings, as SkyCity’s revenue came in at $521 million while EBITDA dropped by 22.3% to $106 million.
CEO Jason Walbridge stated:
“We are becoming a simpler, smarter, and more connected business, actioning further savings to deliver annualized benefits of NZ$30m in FY27 and growing to total benefits of NZ$70m in FY28. This is a strategic response to our evolving operating environment and the future direction of our business, including the regulation of online gambling.”
The assets were sold to Mainland Capital, a Christchurch-based fund manager, in a joint venture with Russell Property Group. Additionally, the monetization program includes a non-binding deal to sell SkyCity’s Grand Hotel.
