SkyCity sells off stake in Christchurch Casino

Last updated 20:19 19/12/2012

Related Links

NZX up on SkyCity deal Boost for SkyCity in Adelaide deal

Relevant offers

Industries

Film studio for Hobsonville gains support Tree accident leads to big fine for Auckland company Auckland retirement village proposal pushes limits Faulty concrete supplied to Auckland's $1.4b Waterview Connection ANZ profit up slightly on modest lending growth House and car insurance premiums expected to rise Government may over-ride Auckland council on housing areas New car sales up again in April Oil companies fined over hurt worker McDonald's NZ not yet affected by global restructure

SkyCity Entertainment is selling its share of Christchurch Casino and taking full control of Queenstown Casino.

Late today SkyCity said it had sold its 50 per cent stake in Christchurch Casino to co-owner Skyline Enterprises for $80 million and had bought Skyline's 40 per cent share in Queenstown Casino for $5 million.

SkyCity chief executive Nigel Morrison said the purchase of the remaining shares in Queenstown Casino is exciting.

"This enables SkyCity to build our international VIP business in a major tourism destination, which is already a very popular destination for our overseas VIP guests," he said.

Having complete ownership in Queenstown would allow SkyCity to develop the business to better accommodate these high-spending visitors.

"Queenstown will complement our existing Horizon VIP offerings in Auckland and Darwin, which have already benefited from investment made there over the last two years.

Skyline expressed an interest in acquiring SkyCity's 50 per cent stake in Christchurch, he said. 

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content