SkyCity sells off stake in Christchurch Casino
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.