Christchurch Casino sold to Australian group for $100m+

Australian hospitality and property group Iris Capital has completed its acquisition of Christchurch Casino from Skyline Enterprises in a transaction valued at more than $100 million.

The purchase is understood to be one of the first major foreign investments following the introduction of the Overseas Investment Amendment Act. It also represents Iris Capital’s first investment into the New Zealand market, adding the Christchurch Casino to its expansive Australian hospitality portfolio.

The acquisition also transfers Christchurch Casinos Ltd 33% stake in Dunedin Casino, giving Iris Capital an indirect interest in a second New Zealand gaming license.

Christchurch Casino opened in 1994 and was the first casino to open in New Zealand.

The transaction was led by Savills’ Australian and New Zealand teams.

Christchurch Casino. File photo

Ryan Geddes, Managing Director of Savills New Zealand, says the deal signals 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,” Geddes said.

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”.

“The transaction highlights the continued appeal of high-quality New Zealand hospitality assets to Australian capital,” Lower said.