Earl Hagaman Letter To Casino Control Authority

10 Coldstream Court
Fendalton
Christchurch

15 January 2004

New Zealand Casino Control Authority
PO Box 8149
Auckland

Subject: Aspinall’s planned sale of its 41% interest in the Christchurch Casino.

Dear Casino Control Authority Members,

I represent a group of businessmen, most of whom live in Christchurch, who would be quite interested in purchasing the 41% interest in the Christchurch Casino which is about to be sold by Aspinall which is based in England.

It is my understanding that the Casino Control Authority can accept or reject any applicants for ownership for any interest in a New Zealand Casino.

I am aware that both Sky Line and Sky City may also be interested in the purchase of this Christchurch Casino interest but I do not believe that either of their entities owning this interest would be in the best interests of either Christchurch at large or New Zealand as a whole.

My reasons for this are that Casinos are a total monopoly until (and if ever) the New Zealand Government decides to issue additional licences. Approval of this purchase by either Sky Line or Sky City would further cement this monopoly position into place because Sky City already controls three of New Zealand’s five casinos and Sky Line has very substantial interests in three of them and borders on control in too many instances!

Admittedly, I have a 42% interest in the Dunedin Casino but if my group were to purchase the 41% interest in the Christchurch Casino, I would be but one of at least six independent New Zealand businessmen controlling this interest. I believe this dispersal of ownership would be a giant step towards limiting the excessive power and the total monopolistic position the existing casino owners possess.

I would appreciate your opinion on this matter.

Respectfully

Earl Hagaman

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