SkyCity launches structured process for sale of the company
New Zealand's land-based casino operator SkyCity has begun working with bankers to gather offers for the sale of the company, after rejecting two proposals earlier this year. The company is also preparing for its entry into the country's soon-to-be-regulated online gaming market.
SkyCity has decided to collect offers for the sale of the company through a structured process. The company is working with investment bankers as part of this. UBS and Chapman Tripp have been appointed as advisers for the process.
Chairman Julian Cook said the decision was made in the interest of shareholders. Interested parties will be given access to certain due diligence information so that they can prepare offers.
SkyCity received two unsolicited proposals earlier announced during 2026. The company said these proposals were non-binding, highly conditional and indicative only. The board concluded that both were opportunistic and undervalued the company. No improved proposal has come in since, but interest in the group is known to continue.
SkyCity also won two of the 15 online casino licences to be issued in New Zealand at auction. Each licence grants the right to operate one brand once the full application process is completed.
Cook said they remain confident in the current strategy, but that they would carefully consider any offer that delivers more value to shareholders than this strategy. He added that the process will take time and that there is no guarantee it will result in a transaction.
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