An Australian investment group has secured a significant regulatory approval in its effort to acquire Christchurch Casino, a company confronting declining revenues and recent compliance challenges. On May 6, the New Zealand Overseas Investment Office (OIO) granted CCL NZ BidCo Limited consent to purchase up to 100% of the casino operator from Skyline Enterprises, a Queenstown-based firm.
The transaction includes approximately 6,096 square meters of freehold land at 373 Durham Street North and 72 Salisbury Street in central Christchurch, currently utilized as a commercial car park for the casino. The OIO’s approval, however, did not clarify ownership status of the principal casino building. Details of the acquisition price have been withheld under the Official Information Act to protect the commercial interests of the involved parties.
CCL NZ BidCo Limited, registered in March, is part of a New Zealand acquisition structure ultimately owned by Radayla International Pty Limited as trustee of the Radayla International Trust. This company is affiliated with Iris Capital, a privately held Australian investment group with existing casino assets including Casino Canberra and Lasseters in Alice Springs. The directors of CCL NZ BidCo include Sam Arnaout and Brett Anderson, who is the current chief executive of Christchurch Casino and has been with the casino since 2007.
Skyline Enterprises had announced the conditional sale in December, indicating the buyer’s intention to maintain casino operations. Settlement was anticipated in mid-2026, subject to obtaining all necessary regulatory consents. While OIO approval marks a significant milestone, further regulatory steps remain. In particular, the Department of Internal Affairs (DIA) must approve the individuals gaining significant influence over the casino as “associated persons” under the Gambling Act. The DIA has confirmed receipt of multiple associated-person applications related to the ownership change and has referred these to the Gambling Commission, though no public details have been released regarding the approvals’ status.
The prospective buyers are assuming control of a casino operator that has faced recent financial and regulatory difficulties. Skyline reported revenue of NZ$49.2 million for the year ending March 2025, a 4.3% decline from the previous year's NZ$51.4 million. Additionally, in October, Christchurch Casinos Limited was ordered by the High Court to pay a NZ$5.06 million penalty after admitting to breaches of anti-money laundering regulations between 2018 and 2023. The Department of Internal Affairs' investigation highlighted deficiencies in customer monitoring, suspicious activity reporting, record-keeping, and the overall effectiveness of the casino’s compliance program. The court found these breaches were not intentional but noted inadequate corrective action once issues were identified. Iris Capital, the buyer, was not implicated in these compliance failings.
Skyline became sole owner of Christchurch Casino in 2012 after acquiring the remaining 50% stake from SkyCity Entertainment Group for NZ$80 million. The ongoing ownership transition signals a new chapter for the casino amid evolving operational and regulatory landscapes.