SkyCity Entertainment is offloading its share of Christchurch Casino and buying up all the shares of Queenstown Casino.
The New Zealand operator confirmed it has sold its 50 per cent stake in Christchurch Casino to co-owner Skyline Enterprises for NZ$80m and bought Skyline’s 40 per cent share in Queenstown Casino for $5m.
Creating jobs, encouraging more high-spending tourist visits and setting the scene for future local development and investment in Queenstown Casino were key to seeing the deal go through according to SkyCity Entertainment Group Chief Executive Nigel Morrison.
“Over the past two years SkyCity has invested significantly in our Auckland site, to encourage high spending visitors to come to New Zealand,” he explained. “This has seen International Business at SkyCity Auckland triple. We believe Queenstown also has huge potential in this area and will be investing in the casino to offer a VIP experience.”
Mr. Morrison says as such a beautiful and iconic part of New Zealand with a high international profile, the majority of SkyCity’s international customers want to visit Queenstown. However, due to the current offering at Queenstown Casino being limited, the venue has been unable to live up to the exceptional experience these visitors enjoy in Auckland.
“This purchase gives SkyCity the chance to focus on providing an exceptional experience in Queenstown, which will further complement the other activities on offer in the region including watersports, skiing, bungy jumping and shopping. This will in turn mean more employment for local people, set the stage for further local development and investment, grow the local economy and encourage more wealthy tourists to visit the region,” Mr. Morrison added.