Christchurch Casino

Christchurch Casino is a casino located in Christchurch, New Zealand offering casino games. The 43,998 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.[1]

Christchurch Casino
Logo of Christchurch Casino
Main entrance to Christchurch Casino on Victoria Street
Address 30 Victoria Street
Christchurch, New Zealand
Opening date1994
Total gaming space43,998 sq ft (4,087.5 m2)
Casino typeLand
OwnerPremier Hotels (Christchurch) Limited
Skyline Enterprises
Southern Equities Limited
Queenstown Tourist Co Limited
Websitewww.christchurchcasino.co.nz

Ownership

On 29 June 2004, SkyCity Entertainment Group 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.[2]

SkyCity Entertainment Group Managing Director, Evan Davies, said that SkyCity'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.[3]

In December 2012, both partners reached a deal, in which SkyCity sold its shares in the casino to Skyline for $80 million, and bought Skyline's 40% stake in Skycity Queenstown for $5 million. As a result, Skyline Enterprises became the major owner of Christchurch Casino.[4][5]

Expansion plans

In November 2016, Christchurch Casino announced it will build a 200-room hotel.[6] In September 2017, it purchased 4,047 square meters of adjacent bare land at auction.[7]

New Zealand Poker Championships

Christchurch hosts the New Zealand Poker Championships.[8]

See also

References
  1. "Archived copy". Archived from the original on 5 June 2010. Retrieved 25 August 2010.CS1 maint: archived copy as title (link)
  2. SkyCity Completes Casino Deal Archived 13 March 2007 at the Wayback Machine SkyCity gets nod for casino purchase Archived 7 May 2006 at the Wayback Machine
  3. SkyCity press release:Cleared To Buy Interest In Christchurch Casino
  4. "SkyCity sells out of Chch – takes over Queenstown". The New Zealand Herald. 20 December 2012. Archived from the original on 26 December 2012.
  5. "Skyline buys out partner SkyCity". stuff.co.nz. 20 December 2012.
  6. "Christchurch Casino to build $85m, 200-room hotel". stuff.co.nz. 26 November 2016.
  7. "Christchurch Casino snaps up land for development". stuff.co.nz. 4 September 2017.
  8. New Zealand herald:Dumped Black Cap turns to competitive poker

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.