Applicant
SKYCITY Entertainment Group Limited
Case number(s)
201020126
Decision date
Type
Decision
DecisionConsent granted
Section 13(1)(a) Overseas Investment Act 2005
Decision date16 March 2011
Investment

An overseas investment in significant business assets, being the Applicant's acquisition of direct and indirect rights or interests in:

  • a further 50.0% of the shares of Christchurch Casinos Limited; and
  • a further 40.0% of the shares of Queenstown Casinos Limited

The value of the assets of Christchurch Casinos Limited and Queenstown Casinos Limited and their 25% or more subsidiaries is greater than $100m.

Asset Value$246,000,000
ApplicantSKYCITY Entertainment Group Limited
Various overseas persons (30.59%)
New Zealand Public and Various Entities, New Zealand (27.38%)
Australian Investors, Australia (23.87%)
United States Public (6.43%)
Investors Mutual Limited, Australia (6.25%)
United Kingdom Public (5.48%)
VendorSkyline Enterprises Limited
New Zealand (100%)
Background

The Investment simplifies the ownership structures of the Christchurch and Queenstown casinos. Being part of the SKYCITY group of companies will enable the full management expertise of SKYCITY Entertainment Group Limited as a casino operator to be made available to Christchurch Casinos Limited and Queenstown Casinos Limited.

The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005.

More informationGarth Sinclair
Webb Henderson
PO Box 105-426
AUCKLAND