SkyCity has finalized the sale of its office building at 99 Albert Street along with adjacent properties on Victoria Street in Auckland, a move aimed at strengthening its financial stability and reducing debt. On September 1, the New Zealand-listed company announced that the transaction, valued at NZ$74.5 million (€37.9 million), has been completed. The properties have been acquired by Mainland Capital, a property management firm based in Christchurch, in collaboration with Russell Property Group.
This sale forms part of a broader strategy to increase liquidity for SkyCity. The initiative was initiated as part of a NZ$240 million capital project last year, with plans to garner NZ$275 million to NZ$300 million by December 2026 to support ongoing operations.
Jason Walbridge, CEO of SkyCity, noted, "In FY26, we implemented carded play across our New Zealand casinos, opened the NZICC, advanced our asset monetisation, exceeded our cost-out targets, continued preparing for the regulated New Zealand online gambling market, and settled in principle the outstanding major regulatory issues in Adelaide."
The decision to sell these properties follows a challenging operational year for SkyCity. Despite a stable revenue of NZ$822.7 million, EBITDA experienced a decline, reaching NZ$181.6 million—down 22.3%. Furthermore, net income fell to NZ$38 million, showing a significant drop of 46.9% compared to the previous year.
Walbridge expressed, "We are becoming a simpler, smarter, and more connected business, actioning further savings to deliver annualised benefits of NZ$30 million in FY27 and growing to total benefits of NZ$70 million in FY28. This is a strategic response to our evolving operating environment and the future direction of our business, including the regulation of online gambling."
Currently, SkyCity has not provided forecasts for FY27 but intends to report on its trading operations in October.
