• SkyCity has entered into a non-binding heads of agreement for the sale of The Grand Hotel
• Transaction is part of SkyCity's asset monetisation programme
• Proceeds will be used to repay debt and enhance financial flexibility

SkyCity Entertainment Group Limited has announced that it has entered into a non-binding heads of agreement for the sale of The Grand Hotel. This transaction is part of the company's previously announced asset monetisation programme. The proceeds from the sale will be used to repay debt and provide SkyCity with greater financial flexibility to navigate current market conditions. The transaction remains subject to the negotiation and execution of binding sale and purchase documentation upon satisfactory completion of due diligence. Transaction completion is also expected to be conditional on consent from the New Zealand Overseas Investment Office. SkyCity is targeting receipt of cash proceeds upon satisfaction of all conditions precedent in late 2026. The financial terms of the heads of agreement remain confidential at this stage.

SkyCity targets receipt of cash proceeds in late 2026

SkyCity aims to use proceeds from the sale to repay debt and improve financial flexibility.