Christchurch Casino
Encyclopedia
Christchurch Casino is a casino
located in Christchurch
, New Zealand offering casino games. The 43998 sq ft (4,087.5 m²) casino was New Zealand
's first when it opened in 1994. The casino operates five hundred slot machines and thirty-four table games. The property has three restaurants and two bars. Entry is restricted to patrons above the age of 20.
announced that it had settled the acquisition of Aspinall (NZ) Limited, which held a 40.5% shareholding in Christchurch Casinos Limited. The purchase price was NZ$93.75 million (on a debt free basis). The deal marked the end of an era for Aspinall.
Skyline Enterprises, which controls a 41 per cent stake in the casino, had opposed SkyCity's purchase of a matching stake from Aspinall earlier in 2004. As part of his resistance to the deal, Mr. Thomas had refused to cooperate over due diligence. Skyline had attempted to purchase the 41 per cent stake from Aspinall but had been rebuffed.
Skyline Enterprises chairman Barry Thomas had objected to the SkyCity purchase on the basis that it gave SkyCity an interest in five out of six New Zealand casinos. The deal was nonetheless approved by both the Casino Control Authority and the Commerce Commission. In clearing SkyCity's application, the Commerce Commission said that the deal would not substantially restrict competition in the Auckland, Christchurch and Dunedin casino entertainment markets.
Sky City Entertainment Group Managing Director, Evan Davies, said that Sky City's acquisition of the shares in Aspinall and its interest in CCL was a logical extension of its New Zealand operations and in line with the company's investment strategy. The acquisition was motivated in part by the 2003 Gambling Act which outlaws the opening of any new casinos in New Zealand.
"Sky City paid $93.75 million for a 41 per cent share in the casino last year and Mr Davies indicated that Sky City saw an opportunity to 'refresh and re-present' the business.
Casino
In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...
located in Christchurch
Christchurch
Christchurch is the largest city in the South Island of New Zealand, and the country's second-largest urban area after Auckland. It lies one third of the way down the South Island's east coast, just north of Banks Peninsula which itself, since 2006, lies within the formal limits of...
, New Zealand offering casino games. The 43998 sq ft (4,087.5 m²) casino was New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
's first when it opened in 1994. The casino operates five hundred slot machines and thirty-four table games. The property has three restaurants and two bars. Entry is restricted to patrons above the age of 20.
Acquisition by Sky City
On 29 June 2004, Sky City Entertainment GroupSKYCITY Entertainment Group
Skycity Entertainment Group is a New Zealand corporation whose core business is owning and operating casinos in Australasia. It is the smallest of four major players operating in the market....
announced that it had settled the acquisition of Aspinall (NZ) Limited, which held a 40.5% shareholding in Christchurch Casinos Limited. The purchase price was NZ$93.75 million (on a debt free basis). The deal marked the end of an era for Aspinall.
Skyline Enterprises, which controls a 41 per cent stake in the casino, had opposed SkyCity's purchase of a matching stake from Aspinall earlier in 2004. As part of his resistance to the deal, Mr. Thomas had refused to cooperate over due diligence. Skyline had attempted to purchase the 41 per cent stake from Aspinall but had been rebuffed.
Skyline Enterprises chairman Barry Thomas had objected to the SkyCity purchase on the basis that it gave SkyCity an interest in five out of six New Zealand casinos. The deal was nonetheless approved by both the Casino Control Authority and the Commerce Commission. In clearing SkyCity's application, the Commerce Commission said that the deal would not substantially restrict competition in the Auckland, Christchurch and Dunedin casino entertainment markets.
Sky City Entertainment Group Managing Director, Evan Davies, said that Sky City's acquisition of the shares in Aspinall and its interest in CCL was a logical extension of its New Zealand operations and in line with the company's investment strategy. The acquisition was motivated in part by the 2003 Gambling Act which outlaws the opening of any new casinos in New Zealand.
Expansion plans
On 31 October 2005, Sky City Entertainment chief executive Evan Davies hinted at expansion plans for the investment at Sky City's 2005 annual meeting."Sky City paid $93.75 million for a 41 per cent share in the casino last year and Mr Davies indicated that Sky City saw an opportunity to 'refresh and re-present' the business.