Iris Capital Completes $100m-Plus Purchase of Christchurch Casino

Australian hospitality and property group Iris Capital has completed its purchase of Christchurch Casino, Skyline Enterprises Limited confirmed, ending Skyline's 32-year ownership of New Zealand's South Island casino.

Skyline's board said in a notice dated 9 October 2026 that the sale of Christchurch Casinos Limited, first announced as a conditional agreement in December 2025, 'has now completed' and that settlement took place on 8 October 2026. The notice did not disclose a purchase price.

Skyline followed up with a shareholder update on 15 October 2026 confirming the deal and announcing a special dividend of NZ$1.00 per share, fully imputed, for shareholders on the register as at 5pm on 23 October 2026, payable on 30 October 2026.

'The Board wishes to recognise the important contribution that the Christchurch Casino business, and particularly the employee community, has made to Skyline over the last 32 years,' Skyline's board said in its 9 October notice.

Iris Capital, led by Australian hospitality investor Sam Arnaout, has been expanding its casino portfolio across the Asia-Pacific region. The company completed its acquisition of the Reef Hotel Casino in Cairns in August 2026, and reporting earlier in 2026 linked newly incorporated New Zealand companies, including a bid vehicle named CCL NZ BidCo Limited, to the Christchurch deal.

New Zealand's Overseas Investment Office granted consent for the transaction in a decision covering case 202600186, which noted the target also holds a 33% stake in Dunedin Casinos Limited. The land underlying part of the Christchurch site will continue to be used as a commercial carpark for the casino, the decision confirmed.

Christchurch Casino has operated in the city since 1994. Skyline became its majority owner in December 2012, when it swapped its 40% stake in SkyCity Queenstown for SkyCity's shares in the Christchurch business in an $80 million deal, a transaction that also reshaped ownership of SkyCity Queenstown's casino licence.

The sale is part of a broader reshuffle of New Zealand's land-based casino ownership this year. SkyCity Entertainment Group has separately opened the door to a group sale as part of a wider shareholder value review. The Christchurch Casino handover also comes roughly 14 months after Christchurch Casinos Limited admitted breaching its anti-money laundering obligations and agreed to a $5.06 million penalty in a settlement with the DIA, announced in August 2025.

For Skyline, the deal closes out a decade of diversified ownership spanning tourism attractions, property and gaming, and frees capital for its luge, accommodation and property developments in Queenstown, Rotorua and overseas. For Iris Capital, it adds a third casino asset to a portfolio built around regional, single-site operations rather than head-to-head competition with the country's larger SkyCity network.

The Christchurch Casino complex sits in the city's central business district and has traded under that name since opening in 1994. Skyline's notice gave no indication of any change to the casino's branding, staffing or management following settlement, and said further details on the transaction would be provided in due course.