SkyCity Launches Formal Sale Process for Its Adelaide Casino

^{SkyCity Entertainment Group's Adelaide casino is heading for a formal sale process after months of unsolicited takeover interest. (Photo: Yu Chu Chin / Wikimedia Commons)}

SkyCity Entertainment Group is preparing to formally put its Adelaide casino on the market, inviting bids from the parties that have already approached the New Zealand-listed operator about buying the venue.

In a filing, SkyCity said it would "shortly commence a formal sale process, led by UBS, to seek proposals from these and other parties," following what it described as inquiries from credible interested buyers since it launched a strategic review of the Adelaide business on 20 August 2026.

Two Suitors Already Circled the Group

SkyCity had already disclosed that it received unsolicited approaches from two parties on 25 August 2026 about potentially acquiring the wider group, not just the Adelaide property. At the time, the company's board rejected both proposals, saying they "did not adequately reflect the underlying value of the company" and that the conditions attached were problematic.

Those two parties were not officially named in SkyCity's filings, but have been reported elsewhere as private equity firm Oaktree Capital Management and Iris Capital, which already owns Casino Canberra and Alice Springs' Lasseters Hotel Casino.

Board Says Share Price Undervalues the Business

SkyCity said discussions with both parties have continued since August, even though no further formal proposals have been received. "The Board continues to believe that the current share price and previously disclosed approaches do not fully reflect the underlying value of the SkyCity Group," the company said.

Running a formal sale process for Adelaide specifically, rather than fielding approaches for the whole group, gives SkyCity a narrower way to test what the single casino is worth on its own, while leaving the rest of the business out of any transaction.

The move follows anti-money laundering scrutiny of Australian operators in recent years, which has pushed several casino groups operating in the country to reassess the cost and complexity of running land-based venues there, alongside Australia's push to restrict credit card gambling that has added further compliance pressure on the sector.

Sale Process Still in Early Stages

No timeline has been given for when bids are due or when a sale might be completed. SkyCity said it continues to make progress on other strategic initiatives alongside the Adelaide process, without specifying further detail in the filing reported by G3 Newswire.

SkyCity's Adelaide casino, redeveloped in recent years into a larger complex with hotel and entertainment space, remains one of the group's most significant single assets outside its home market of New Zealand.