SKYCITY complete Christchurch Casino purchase
FOR IMMEDIATE RELEASE
28 June 2004
SKYCITY complete purchase for interest in Christchurch Casino
SKYCITY Entertainment Group today announced that it has settled the purchase for the acquisition of Aspinall (NZ) Limited, which holds a 40.5% shareholding in Christchurch Casinos Limited (CCL).
Aspinall (NZ) Limited also holds an effective 32.2% interest in Victoria Hotels (Christchurch) Limited, the owner of the 296 room, 4 star, Christchurch Crowne Plaza Hotel, located adjacent to the Christchurch Casino in central Christchurch.
SKYCITY Entertainment Group Managing Director, Evan Davies, said SKYCITY is looking forward to being involved with the Christchurch Casino operation.
"We're confident that SKYCITY's involvement in Christchurch Casino will prove beneficial to both CCL's and SKYCITY's shareholders."
"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."
Aspinall (NZ) Limited has today been renamed SKYCITY Investments Christchurch Limited, and is a wholly owned subsidiary of SKYCITY Entertainment Group.