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Most Recent Online Casino News

Casino Boss Seeks Tighter Grip

Christ Church Casino chairman Barry Thomas yesterday trumpeted plans to strengthen Skyline Enterprises’ grip on the company in the face of a possible buy-in by gambling giant SkyCity.

In the latest instalment of his war by press release, Thomas said the board of the casino company would late this month be asked to approve a share placement to Skyline.

Skyline has a direct 30.7 per cent stake in the casino and a 41 per cent interest including shares held indirectly.

Thomas is Skyline’s chairman.

The Queenstown company is fighting to stop its partner, the UK gambling group Aspinall, from selling out to local gambling giant SkyCity Entertainment.

Aspinall’s interests in the casino are at the same levels as Skyline’s.

Thomas said the proposed placement would be worth about 15 per cent of the Christchurch Casino’s capital. The money from the placement would be used by the casino to part-fund an intended buy-back of the Aspinall stake.

However, it remains to be seen what Aspinall thinks of that idea – no comment was available yesterday – and the proposal looks more like an attempt to shore up Skyline’s defensive position.

Increasing Skyline’s stake would stop SkyCity from entering the company on an equal footing by buying out Aspinall.

Thomas believed he had the votes to get the proposal through.

Two directors on the casino company’s board are associated with Aspinall and two are associated with Skyline.

Read the entire article at: The New Zealand Herald 

2004 Online Casino News Archive

 

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