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SKC.ASX

SkyCity Entertainment Group Completes Property Sale Deal

SkyCity Entertainment Group has locked in an unconditional sale of its commercial properties, marking a significant step in the company's asset monetisation programme. The gaming and hospitality operator is offloading its 99 Albert Street office building along with investment properties on Victoria Street to Mainland Capital, a Christchurch-based commercial property funds manager, for $74.5 million.

The deal, which also involves Russell Property Group as a joint venture partner, is expected to settle on 1 September 2026. Rather than sitting on the cash, SkyCity plans to use the proceeds to pay down debt—a strategic move that CEO Jason Walbridge says will give the company much-needed financial flexibility to weather current market conditions.

The company expressed satisfaction with how the sale has progressed, signalling confidence in the partnership with Mainland Capital. For investors watching SkyCity's balance sheet, this capital injection could prove meaningful as the entertainment group navigates an increasingly challenging operating environment.