No comment on offer for Christchurch Casino stake

Skyline Enterprises chairman Ken Matthews says he will not comment on whether it has been approached to sell its stake in its casino operation in Christchurch.

Skyline owns a 46 per cent of Christchurch Casino with SkyCity Entertainment Group also owning a 46 per cent stake.

Skyline also owns a 17 per cent stake in Dunedin Casino.

SkyCity is in the midst of selling out of its New Zealand- based cinema business for $59 million.

Matthews, in his first halfyear report as Skyline chairman, said trading activity at both Christchurch and Dunedin casinos in the six months to September 30, had been at similar levels to the previous corresponding period.

Asked if there had been any approach by parties, such as SkyCity, regarding Skyline's 46 per cent stake in Christchurch; Matthews said: "Nothing I can report on".

Asked if there was talks between Skyline and SkyCity about ownership of stakes, Matthews said: "We're both shareholders in a common entity.

"There's always talk between the parties."

He added Skyline was not actively looking to sell its stake.

Former Skyline chairman Barry Thomas who remains a director of the company downplayed the idea of the casino stakes or anything else being for sale. "Skyline isn't for sale," he said.

Enhancements to parking areas around the Dunedin casino had commenced, while on the Christchurch property the gaming floor had undergone a complete refurbishment.

With regard to the company's gondola luge and related operations, both Sinapore's Sentosa and Rotorua businesses had shown significant improvements.

Queenstown gondola, luge and restaurant was trading on par in the year to date, compared with the same 2008 period, despite a five week closure for renovations.

"It's been a very good winter here, and I think most parties in town would acknowledge that," Matthews said. Skyline continued to look for business opportunities overseas, particularly to add to its existing luge operations. "We've had management in Europe in recent weeks trying to identify sites. It takes quite a while to actually get anything off the ground."

Skyline Enterprises shares were trading around 502c yesterday, up 1.4 per cent on the day.

Former Christchurch businessman Jeff Staniland in October joined Skyline as its new chief executive, helping oversee around 350 people around the world. Staniland was formerly based in Christchurch first as chief executive with Mike Pero Mortgages and then with Gould Wealth Management.

- © Fairfax NZ News