Sam Arnaout buys New Zealand’s first casino
Sam Arnaout has taken Iris Capital into New Zealand outlaying over NZ$100 million (A$81m) for what was the country’s first casino, in 1994.
Christchurch Casino was offered by Skyline Enterprises, which held 14 years.
As well as the gaming venue and business the deal includes a 6093 square metre central CBD site – covering 373 Durham Street North and 72 Salisbury St, presently a commercial car park.
It also includes an indirect 33 per cent interest in Grand Casino Dunedin.
Settlement was on October 8.
New Zealand’s Overseas Investment Office approved the transaction in May, clearing the way for the acquisition through CCL NZ BidCo, a vehicle ultimately owned by the Radayla International Trust and part of Iris Capital.
It marks Sydney-based Mr Arnaout’s maiden New Zealand investment.
New Zealand’s first casino
Christchurch Casino, on Victoria St, opened in 1994 (continues below).
Skyline acquired the business in December 2012 as part of an $80m transaction involving SkyCity Entertainment Group’s Queenstown casino interests.
The on sale follows a difficult trading period for Christchurch Casino.
Skyline previously booked a $14m write-down against the business and made a $5.1m provision linked to compliance issues.
The venue’s operator admitted anti-money laundering breaches in 2025 and agreed to a penalty of about $5.06m.
Proceeds will be invested into Skyline’s tourism, accommodation and property interests.
For Mr Arnaout, the acquisition extends a casino portfolio that includes Lasseters Hotel Casino in Alice Springs and the Reef Hotel Casino in Cairns, which Iris Capital acquired in August.
Savills was the marketing agency.
Subscribe to our newsletter at the bottom of this page.
