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After a recent strategic review of its Adelaide business, SkyCity Entertainment Group is preparing to formally sell the SkyCity Adelaide casino resort.
On Wednesday morning, the firm announced it will invite proposals from interested parties and other potential buyers, and outline its strategic initiatives.
SkyCity announced that its strategic review of the Adelaide business attracted inquiries from credible interested parties. The company did not specify who the parties were or how many groups expressed interest.
The deadlines for the process were not disclosed. The company also did not provide the value of the Adelaide property or state whether a sale agreement was in place.
The formal process is part of a larger effort to evaluate opportunities related to the company’s assets and ownership structure. SkyCity stated it is exploring these initiatives to boost shareholder value.
The update follows the company’s confirmation that it would consider options for the Adelaide business. The recent filing shows that this review has advanced into a formal phase aimed at collecting and evaluating potential offers.
In August, SkyCity revealed it received unsolicited takeover proposals from two entities. Although it declined these offers, SkyCity stated that it remained in negotiations with both parties.