Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Cleared To Buy Interest In Christchurch Casino

MEDIA RELEASE
FOR IMMEDIATE RELEASE

18 May 2004

SKYCITY Entertainment Group gains Commerce commission clearance for interest in christchurch casino

SKYCITY Entertainment Group today welcomed the Commerce Commission's clearance of its purchase of a 40.5% minority shareholding in Christchurch Casinos Limited (CCL).

The acquisition remains conditional on approvals from the Overseas Investment Commission and the Casino Control Authority.

Once the remaining approvals are obtained, SKYCITY will proceed with the purchase of all of the shares in Aspinall (NZ) Limited (Aspinall) which holds shares directly and indirectly in CCL. The purchase price is NZ$93.75 million (on a debt free basis).

SKYCITY Entertainment Group Managing Director, Evan Davies, said that SKYCITY was naturally pleased with the Commission's ruling and was positive about the opportunity to finalise its acquisition of an interest in CCL.

"With Commerce Commission approval now in place SKYCITY looks forward to obtaining the remaining approvals and then working through the process to achieve the most constructive outcome for CCL," said Mr Davies.

Mr Davies said 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.

"Christchurch Casino is a well-managed, quality asset that has demonstrated strong growth performance over recent years and this is anticipated to continue. The investment is core business in SKYCITY's home market and, given the moratorium on new gaming businesses, an obvious choice for us."

"As we have said before, SKYCITY will continue to assess appropriate opportunities - both inside and outside New Zealand - to ensure the company's growth, diversification and ongoing success. We're confident that SKYCITY's involvement in Christchurch Casino will prove beneficial to both CCL's and SKYCITY's shareholders," said Mr Davies.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news