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SkyCity Completes Christchurch Purchase

29 Jun 2004

NEW ZEALAND – (PRESS RELEASE) -- Sky City complete purchase for interest in Christchurch Casino

Sky City Entertainment Group today announced that it has settled the purchase for the acquisition of Aspinall (NZ) Limited, which holds a 40.5% shareholding in Christchurch Casinos Limited (CCL).

Aspinall (NZ) Limited also holds an effective 32.2% interest in Victoria Hotels (Christchurch) Limited, the owner of the 296 room, 4 star, Christchurch Crowne Plaza Hotel, located adjacent to the Christchurch Casino in central Christchurch.

Sky City Entertainment Group Managing Director, Evan Davies, said SkyCity is looking forward to being involved with the Christchurch Casino operation.

"We're confident that SkyCity 's involvement in Christchurch Casino will prove beneficial to both CCL's and Sky City 's shareholders."

"Christchurch Casino is a well-managed, quality asset that has demonstrated strong growth performance over recent years and this is anticipated to continue. The investment is core business in Sky City 's home market and, given the moratorium on new gaming businesses, an obvious choice for us."

Aspinall (NZ) Limited has today been renamed Sky City Investments Christchurch Limited, and is a wholly owned subsidiary of Sky City Entertainment Group.

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