SkyCity Sells Share in Christchurch Casino, Invests In Queenstown

Ever since the 2010 earthquake devastated Christchurch, the city has been struggling to return to its former glory. Entertainment venues across the city have shut down, and Christchurch’s casino has failed to generate a solid profit in years. So, it is no wonder that part-owner SkyCity is frustrated with its investment. As such, the casino operator has decided to sell its 50% stake in Christchurch Casino to Skyline for $80 million, accepting Skyline’s stake in SkyCity Queenstown for $5 million.

SkyCity has decided to take this route in order to shift its focus. Rather continuing to struggle to make Christchurch Casino successful yet again, SkyCity would rather focus its efforts on its Queenstown casino location, which is already thriving.

The company still plans on making some significant changes to Queenstown, however. This year, SkyCity has demonstrated its dedication to high-roller gambling in several of its casinos across New Zealand. Now, the company wants to extend that commitment to Queenstown, equipping the property with several new facilities that would welcome players with a thirst for high-stakes gambling action.

At SkyCity Queenstown, company executives are planning to build new restaurants and bars to make the property into a well-rounded entertainment venue. SkyCity would also like to introduce new VIP gaming parlours, at which VIPs would be able to wager upwards of $150 000 per bet.

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