New license carries 15-year term
Christchurch Casino in New Zealand has promised to create a new charitable fund if its license renewal application is approved; it’s the first casino in the country to apply.
In a December 4 hearing before the New Zealand Gambling Commission, the casino agreed to meet the conditions, which include a minimum annual contribution to the casino’s independent charitable trust, the establishment of a new discretionary charitable fund and the creation of a new community liaison group.
Now the commissioners will hear statements from the Problem Gambling Foundation, Salvation Army Oasis and the Christchurch City Council, according to local media.
The casino’s current license does not require it to contribute a specific amount to an independent charitable trust, but Christchurch City Council members have called for 2.5 percent of the casino’s net profit or $500,000 a year, whichever is greater. In 2017, when the casino posted a $16.1 million operating profit, for example, its 2.5 percent contribution would come to $402,500. Christchurch Casino counsel Jo Appleyard said the casino has offered the greater of 2.5 percent of its net profit or $250,000.
Christchurch Casino, New Zealand’s first casino, opened in 1994. Its license will expire on November 4, 2019. If the license is renewed it will come with a 15-year term.
