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Hotelier Makes Bid for Christchurch Casino

19 December 2003

NEW ZEALAND -- As reported by the New Zealand Stuff: "Millionaire hotelier Earl Hagaman has thrown his hat in the ring as the battle heats up for control of the Christchurch Casino.

"Christchurch-based Mr Hagaman has rounded up five other investors to bid for a foundation stake in the casino, which estimates put at $90 million (US$58 million). That would make the whole casino worth about $225 million (US$145 million).

"Mr Hagaman revealed he and a group of friends - whose names were being kept under wraps - had made an approach to buy into the business because they want to see ownership and control stay in Christchurch.

"...The Hagaman group's interest has been sparked by a spat between Christchurch Casinos Ltd's chairman Barry Thomas, whose Skyline Enterprises business controls 41 percent of the casino, and the other large shareholder, British gambling business Aspinall.

"...Mr Hagaman said he was confident of getting the money..."

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