SkyCity Eyes NZ$200 Million Asset Sales to Meet Debt Covenants

SkyCity Entertainment Group is preparing a capital-raising plan and targeted asset disposals after warning it could breach banking covenants. On an earnings call, Chief Executive Officer Jason Walbridge said the New Zealand casino operator aims to sell about NZ$200 million (US$120 million) of non-core assets over the next 12 to 18 months. Walbridge added that the company wants to retain ownership of its hotels and convention centers, calling them critical to SkyCity’s long-term strategy. Proceeds from the divestments would be used to strengthen the balance sheet and ensure continued compliance with lender requirements.