The head of SkyCity Entertainment Group says it sold its half share in Christchurch Casino out of frustration, after attempts to gain management control of it were repeatedly rejected.
SkyCity sold its 50% stake in the casino to partner Skyline for its book value of $80 million and bought Skyline's stake in Queenstown Casino for $5 million.
SkyCity chief executive Nigel Morrison said he would have liked to have bought out the other party in Christchurch Casino.
"Skyline is very attached to Christchurch, they've been there from the opening of that property," he said.
Mr Morrison said SkyCity could not continue as a "locked in minority interest" so took the opportunity to exit.
Big plans for Queenstown Casino
SkyCity has big plans to revamp its newly acquired Queenstown Casino, including significantly increasing the betting limit, in a bid to attract more highrollers to the resort.
SkyCity chief executive Nigel Morrison said it has plans to build new bars, restaurants and VIP gaming salons at Queenstown Casino, so it can offer its wealthiest guests the same level of experience found in Auckland.
At present Queenstown Casino operates a betting limit of $5000 a hand. Mr Morrison says the buyout means the casino will be able to offer highrollers the opportunity to bet up to $150,000 a hand as they can in Auckland.
