SkyCity Entertainment signs deal to sell The Grand Hotel

• SkyCity Entertainment Group has entered into a non-binding agreement to sell The Grand Hotel as part of its ongoing asset monetisation strategy.
• Financial terms remain confidential while the company targets completing the cash transaction by late 2026.
• Capital proceeds from the hotel deal will go towards paying down debt and improving overall operational flexibility.

SkyCity Entertainment Group (ASX:SKC) has agreed to a non-binding heads of agreement to sell The Grand Hotel to free up capital.

The prospective sale follows earlier moves by the casino operator to seek expressions of interest for the hotel property as part of its broader asset divestment initiative.

The transaction remains subject to final documentation and approval from the New Zealand Overseas Investment Office.

SkyCity stated that cash proceeds from the hotel transaction are expected in late 2026, though specific deal figures remain confidential at this stage.

Proceeds generated under the asset monetisation scheme will be allocated towards debt reduction and enhancing liquidity to handle ongoing market volatility.

Following the announcement, the SkyCity Entertainment Group share price was unchanged at $0.49.

The gaming and hospitality group has actively reviewed non-core real estate assets to streamline its portfolio across Australia and New Zealand.

The efforts include a previous non-binding agreement to sell its 99 Albert Street office building alongside investment properties on Victoria Street.