Australian Firm Iris Capital Buys Christchurch Casino in $100M+ Deal
October 16, 2026
Christchurch Casino — New Zealand’s first and longest‑operating casino — has officially been sold to Australian hospitality and property group Iris Capital in a landmark transaction valued at more than $100 million.
The acquisition marks Iris Capital’s first investment in the New Zealand market, adding the Christchurch Casino to its expanding portfolio of hospitality and gaming assets across Australia. The deal also transfers Christchurch Casino Ltd’s 33% stake in Dunedin Casino, giving Iris Capital an indirect interest in a second New Zealand gaming licence.
Led by Sydney hospitality billionaire Sam Arnaout, Iris Capital has been actively expanding its casino footprint, recently acquiring the Reef Hotel Casino in Cairns and Lasseters Hotel Casino in Alice Springs.
A Landmark Asset With Strong Market Position
Christchurch Casino, located on Victoria Street, opened in 1994 as New Zealand’s first casino. Skyline Enterprises had owned the property for 14 years before agreeing to the sale.
Savills New Zealand managing director Ryan Geddes said the transaction demonstrates strong international confidence in New Zealand’s commercial and hospitality sectors:
“A transaction of this scale puts New Zealand’s hospitality and commercial sectors firmly in the spotlight for trans‑Tasman investors.”
Nicholas Lower, Savills’ Co‑Head of Hotels & Hospitality for Australia and New Zealand, described Christchurch Casino as a “landmark asset” with a long operating history and strong market position — making it an attractive opportunity for an established Australian operator.
Why Iris Capital Entered the New Zealand Market
According to Savills, the pitch to Iris Capital involved selling not just the casino, but the city itself. Arnaout and his team spent two days in Christchurch reviewing nightlife, development sites, and major upcoming infrastructure such as the new stadium and Metro Sports Facility.
Savills’ Ryan Geddes noted:
“We had to give them confidence and faith on why invest in New Zealand, and then why invest in Christchurch.”
The Overseas Investment Office approved the acquisition earlier in the year, clearing the way for Iris Capital’s entry into the New Zealand gaming market.
A Strategic Move in a Changing Casino Landscape
The sale comes during a period of reshuffling in New Zealand’s land‑based casino sector, with several operators reviewing assets and ownership structures. Christchurch Casino itself had faced compliance challenges in recent years, including anti‑money‑laundering breaches that resulted in a penalty of approximately $5 million in 2025.