SkyCity puts Adelaide casino up for sale as board weighs broader options

What happened

SkyCity Entertainment Group is putting its Adelaide casino up for sale, with Forsyth Barr valuing the business at between $180 million and $200 million. The formal sale process was announced in a market update to the NZX on Wednesday. The move comes as the New Zealand-based casino operator considers its options following unsolicited approaches from two parties interested in acquiring the entire company, which it disclosed in August.

Why it matters

SkyCity rejected takeover bids in August after its share price surged 10.7% following positive annual results. In early September, Iris Capital was reported as a potential purchaser of the Adelaide casino. This formal sale announcement of Adelaide, combined with the board's stated review of the entire company, represents the next step in addressing the acquisition interest the company disclosed.

Follow the whole thread: SkyCity takeover speculation and financial results 2026

Key facts

• Adelaide casino valued at $180 million to $200 million by Forsyth Barr
• SkyCity received two unsolicited acquisition approaches in August 2026
• Announcement made via NZX market update on Wednesday

Primary source: SkyCity Entertainment Group NZX market update

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Coverage across the news outlets we track, as at publication.

Where the outlets differ

BusinessDesk leads with the Adelaide sale and specific valuation figures from Forsyth Barr, while Stuff frames it as part of broader consideration of the entire company's future.

What outlets are saying