Christchurch Casino has been sold to Australian hospitality and property group Iris Capital in a transaction valued at more than $100 million.
Iris Capital has completed its acquisition of the casino from Skyline Enterprises.
The purchase was Iris Capital’s first investment in the New Zealand market, adding the Christchurch Casino to its expansive Australian hospitality portfolio.
Well-known Sydney hospitality billionaire Sam Arnaout is the chief executive of Iris Capital.
The acquisition also transfers Christchurch Casino Ltd’s 33% stake in Dunedin Casino, giving Iris Capital an indirect interest in a second New Zealand gaming licence.
Christchurch Casino on Victoria St opened in 1994 and was the first casino in New Zealand.
Managing director of Savills New Zealand Ryan Geddes told the NZ Herald the deal is a sign of strong international confidence in New Zealand’s commercial assets.
“A transaction of this scale puts New Zealand’s hospitality and commercial sectors firmly in the spotlight for trans-Tasman investors.”
Nicholas Lower, managing director for Hotel Capital Markets and Co-Head, Hotels & Hospitality, Australia & New Zealand at Savills, said Christchurch Casino is a “landmark asset” with a “strong market position and long operating history, making it a compelling opportunity for an established Australian operator”.
-Allied Media