SkyCity Entertainment targets $300M asset sale
- SkyCity targets up to $300 million in aggregate asset sales by end-2026 after completing property divestments.
- The group's share price traded down at $0.53 following the announcement.
- The initiative aims to enhance shareholder value and optimise the operating model.
SkyCity Entertainment Group (ASX:SKC) announced an update on strategic initiatives, including asset sales targeting $275 million to $300 million in aggregate proceeds by the end of 2026.
The board stated that the current share price does not fully reflect the underlying value of the group.
The company has completed the sale of commercial properties for $74.5 million.
SkyCity is in advanced negotiations for the sale of The Grand Hotel and is cutting more than 200 corporate jobs in New Zealand to save $30 million in FY27.
The business is also reviewing options for its Adelaide operations after receiving third-party enquiries.
Following the announcement, the SkyCity Entertainment Group share price was down at $0.53.
SkyCity is also negotiating a binding agreement with CBS to resolve regulatory matters stemming from an independent review.
