SkyCity Entertainment Group has reached a key milestone in its asset monetisation programme. The company confirmed that the sale of its Auckland commercial property portfolio has become unconditional.
The transaction covers the 99 Albert Street office building together with investment properties on Victoria Street and is valued at NZ$74.5m. The assets will be acquired by Mainland Capital, in partnership with Russell Property Group, with settlement scheduled for 1 September 2026.
Chief Executive Officer Jason Walbridge said the completion of the unconditional sale marks an important step in the company's strategy to strengthen its financial position. He added that the proceeds will be used to reduce debt and provide greater financial flexibility as SkyCity continues to navigate challenging market conditions.
Walbridge also welcomed Mainland Capital as a future neighbour, saying the purchaser shares SkyCity's vision for enhancing the wider precinct surrounding the entertainment complex.
The disposal forms part of SkyCity's ongoing efforts to optimise its balance sheet while focusing capital on its core gaming and hospitality operations.
The update comes only weeks after SkyCity announced a proposed settlement with South Australia's Commissioner for Liquor and Gambling to resolve outstanding regulatory matters relating to Adelaide Casino.
Under the non-binding agreement, SkyCity Adelaide would pay a total fine of AU$21m ($14.7m) over two years, subject to the execution of a formal settlement deed. The proposal also requires significant governance reforms, including establishing a majority-independent Adelaide board by January 2028, appointing a dedicated local chief executive, strengthening compliance oversight and maintaining the existing prohibition on junkets.
With the commercial property sale now secured, SkyCity continues to advance both its financial restructuring and broader governance initiatives as it works to strengthen its long-term operating position.
The commercial properties will be acquired by Christchurch-based Mainland Capital in a joint venture with Russell Property Group
