SkyCity Entertainment Group Signs Non-Binding Deal to Sell New Zealand Hotel

MT Newswires Live

07/22

SkyCity Entertainment Group (ASX:SKC, NZE:SKC) said it has entered into a non-binding heads of agreement to sell The Grand Hotel as part of its asset monetization program, according to a Wednesday filing with the Australian and New Zealand bourses.

The proposed transaction is subject to the completion of due diligence, execution of definitive sale documentation, and approval from New Zealand's overseas investment office, per the filing.

The company expects to receive cash proceeds from the sale in late 2026 if all conditions precedent are satisfied, the filing said.

The company said the proceeds will be used to repay debt and improve its financial flexibility amid current market conditions, the filing added.

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