SkyCity Entertainment Group has entered into a non-binding agreement to sell The Grand Hotel in Auckland, New Zealand, as part of its asset monetization program.
The casino operator, which has properties in both New Zealand and Australia, said on July 22nd that proceeds from the proposed transaction would be used to reduce debt. The financial terms remain confidential, and the prospective buyer was not identified.
The sale remains subject to due diligence and the negotiation and execution of binding sale and purchase documents. Completion is also expected to require consent from New Zealand’s Overseas Investment Office.
SkyCity is targeting receipt of the cash proceeds in late 2026, once all conditions have been met.
The company said funds raised through its wider asset monetization program would provide greater financial flexibility amid current market conditions.
