SkyCity Entertainment Sets Formal Sale Process for Adelaide Casino After Strategic Review
Sccg Management
SkyCity will launch a UBS-led sale process for its Adelaide casino after credible inquiries and rejected undervalued takeover bids.Summary
SkyCity Entertainment Group will soon begin a formal sale process for its Adelaide casino, led by UBS, following credible inquiries received after a strategic review announced on 20 August 2026. This follows the board's unanimous rejection of two unsolicited group acquisition proposals, reportedly from Oaktree Capital Management and Iris Capital, which it deemed undervalued and problematic. SkyCity continues talks with both parties while evaluating other shareholder-value opportunities. It is in advanced, exclusive negotiations to sell The Grand Hotel and targets aggregate proceeds of $275m-$300m by the end of 2026, having already realised $74.5m from commercial property sales.
(Source：Sccg Management)