The Christchurch Casino in New Zealand is a twenty-four hour casino and entertainment center. The casino features many table games and slot machines, two restaurants, two bars, and two owners. One of those owners would like to make it one owner. The Christchurch Casino is jointly owned by SkyCity, an Auckland based casino owner and operator, and Skyline Enterprises from Queenstown. They are equal partners in the Christchurch Casino after they bought the remaining 8.6 percent stake from Louis Crimps’ Southern Equities based in Invercargill. After the sale the value of the casino rose. Now, SkyCity wants to be the sole owner of the casino property. This is nothing new. SkyCity has made several attempts to buy the other half of the casino, but they have always been turned down.
Recent reports, or more accurately, rumors, have stated that SkyCity has put up an offer ranging from $100 million to $110 million. However, this is speculation as neither side will officially comment on the subject. Skyline Chairman, Ken Matthews, stated that his company has received no formal offer from SkyCity on the 50 percent stake in the casino property. As for an informal offer, when asked he said, “I’m not going to comment on that.”
Skyline operates many tourism destinations and activities, and they have been a long term investor in the Christchurch Casino. “It’s very difficult to find investments in this county of a tourism nature that are of scale,” said Mr. Matthews. “Why would we contemplate selling something that’s of scale?”
As for SkyCity, the company commented that any discussions they are having with their casino partner are confidential. Of course they are. No one is going to comment on the subject until real discussions are held. However, it is the worst kept secret in the New Zealand casino market that SkyCity wants all of the Christchurch Casino. The saga will continue. Hopefully, it will stay friendly.
