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New Zealand Casino Operator Nervous About Sky City Move

27 Apr 2004

NEW ZEALAND – As reported by the Sydney Morning Herald: "New Zealand's only independent casino operator fears he could be forced out of business if Sky City Entertainment gets a cornerstone shareholding in Christchurch Casinos Ltd.

"Mike Stone, a joint owner of the Wharf Casino in Queenstown, is supporting embattled CCL chairman Barry Thomas to help resist the South Island raid by Sky City.

"…Sky City has announced its intention to buy Aspinall (NZ) Ltd's 40.5 per cent stake in CCL, a move fiercely resisted by Mr Thomas' Skyline Enterprises, which also owns 40.5 per cent.

"The Commerce Commission is still to consider Sky City's application which, if it succeeds, means Sky City will have a stake in five of the country's six casinos, including one of the two in Queenstown.

"…Wharf Casino was small-time compared to an enlarged Sky City operation and he feared he could be pushed out…"

 
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