SkyCity Completes NZ$74.5m Sale Of Auckland Properties
SkyCity Entertainment Group has completed the sale of its 99 Albert Street office building and adjoining Victoria Street properties in Auckland for NZ$74.5m, as part of the operator's wider push to cut debt following a soft set of annual results.
The New Zealand-listed operator confirmed settlement on 1 September in an announcement filed with NZX, New Zealand's stock exchange.
The properties were sold to Christchurch-based commercial property manager Mainland Capital in a joint venture with Russell Property Group.
The sale forms part of SkyCity's asset monetisation programme, launched alongside a NZ$240m equity raise last year, which also includes a non-binding agreement to sell the group's Grand Hotel and is expected to generate NZ$275m–$300m in gross proceeds by December 2026, all earmarked for debt reduction.
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A Soft Set Of Annual Results
The settlement lands alongside weaker full-year numbers. SkyCity's own FY26 results filing shows underlying revenue of NZ$822.7m for the year to 30 June, roughly flat on the prior period, while underlying EBITDA fell 22.3% to NZ$181.6m and underlying net profit dropped 46.9% to NZ$38m.
Reported EBITDA fell 44.2% to NZ$120.5m, hit by remediation costs tied to the group's Adelaide casino, where SkyCity separately reached a non-binding agreement with South Australia's Consumer and Business Services regulator, accepting an A$21m fine payable over two years. Net debt stood at NZ$591m at year's end.
What's Next?
Chief executive Jason Walbridge said SkyCity had made progress against commitments set at last year's capital raise, including rolling out carded play across its New Zealand casinos, opening the New Zealand International Convention Centre (NZICC), and preparing for the country's regulated online gambling market.
The group is targeting annualised cost savings of NZ$30m in FY27, rising to NZ$70m by FY28, and said it will not issue FY27 earnings guidance given macroeconomic uncertainty, with a trading update due at its annual meeting in October.
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