SkyCity Entertainment Group (ASX:SKC, NZE:SKC) is targeting proceeds of between NZ$275 million and NZ$300 million before the end of the year, having completed the sale of its commercial properties for NZ$74.5 million, and now a binding agreement is expected shortly for the sale of The Grand Hotel, according to a Wednesday Australia and New Zealand bourse filing.

Skycity's cost-out program targets total benefits of NZ$30 million in fiscal 2027, rising to NZ$70 million in fiscal 2028, having reduced its New Zealand corporate workforce by more than 200 roles and now moving to a second phase focused on external spend across the group, on track to deliver NZ$30 million in savings in fiscal 2027, the filing added.

The company said it is reviewing strategic options for its Adelaide business after receiving inquiries from credible interested parties, with a formal sale process led by UBS to begin shortly.

The company said an auction process for New Zealand's online gambling licences is currently underway and is due to conclude on Oct. 14.

SkyCity has continued to engage with both parties that came with buyout proposals in August, and while no further proposals have been received, it intends to continue those talks while evaluating other opportunities, and has appointed UBS and Chapman Tripp to assist with engagement.

The company said its underlying first quarter results are in line with the previously presented outlook, with better-than-expected progress made on its cost savings program.