SkyCity Entertainment Group will consider proposals from interested suitors to buy its whole portfolio, the company said at its 2026 Annual Meeting of Shareholders on 21 October 2026. It includes New Zealand’s largest casino, the 328-meter Sky Tower, the New Zealand International Convention Centre (NZICC), along with casinos in Hamilton and Adelaide.
Chairman Julian Cook said the Board of Directors would consider any buyout if it was considered a viable alternative to the company’s growth strategy. He told shareholders, as reported by G3 Newswire: “In the interests of shareholders, the Board has decided to seek proposals through a structured process. This will involve engaging with interested parties and giving them access to some due diligence information to help them develop their proposals. UBS and Chapman Tripp have been appointed as investment banking and legal advisers, respectively, for this process.”
On 25 August 2026, SkyCity announced that it had received unsolicited approaches from two parties in relation to a potential acquisition of the Group. The Board unanimously determined that these proposals did not adequately reflect the underlying value of the company, and that the conditions were problematic. In a 30 September market release, SkyCity said no further proposals had been received.
Two online casino licences instead of three
CEO Jason Walbridge spoke about the online casino licence auction: “The auction settled at a price within the scenarios we modelled, and we are confident we can achieve the appropriate return on the capital invested. It was a deliberate capital allocation decision to reduce from the maximum three allowable licenses to two, ensuring we remained within our risk-adjusted return on capital targets.”
He also said: “Being a land-based casino operator for 30 years, we have a brand New Zealanders know and trust, which is the most important attribute of online brands, and we will now be able to advertise and market our online presence, which we haven’t been able to before.”
According to the NZX announcement, SkyCity expects FY27 capital expenditure in the mid point of its range ($80m to $100m), plus online licence costs of $30m. The company is not providing formal guidance at this stage, given the timing of the online casino market entry is still to be determined and the ongoing uncertainty of the macro-economic environments in New Zealand and Australia.
Trading and dividends
Group trading in the first quarter of FY27 has been consistent with the fourth quarter of FY26, and consumer conditions in New Zealand and Australia remain subdued. The company has sold The Grand Hotel, and on 30 September it said a formal sale process for its Adelaide business, led by UBS, would start shortly. Once SkyCity achieves its capital management and operating objectives, the Board aims to resume paying dividends, which should be in the FY28 financial year.