Cardigan Bay Holdings Ltd

[Happy Sunrise]

Why does HRNZ run this business? A big of extra cash in good years? Just interested to know. It doesn't always run at a loss by the way.

'decline in turnover' must be a pretty common phrase lol.

 

 

[the galah]

To quote one of its directors,peter smith a man who specializes in commercial law.

"yes i am a director in cardigan bay holdings which holds the gaming investments for hrnz. Some parent organisations are entitled to own bars that have gaming machines in them,and that provides income for those sports. Hrnz is one of the lucky sports that is structured in this way".

Hopefully their hotels don't suffer too badly due to the virus.

Edited April 27, 2020 by the galah

[Honestjohn]

Do they still own the bar in Nelson??

asking for a friend.

[Chief Stipe]

On 27/04/2020 at 4:46 PM, Happy Sunrise said:

Why does HRNZ run this business? A big of extra cash in good years? Just interested to know. It doesn't always run at a loss by the way.

'decline in turnover' must be a pretty common phrase lol.

 

 

They could still run at a loss but HRNZ benefits.  That's because they get a distribution of the Pokie money.  Other than rental costs the venues themselves can't benefit from the distribution of Pokie profits.

I assume HRNZ has a class 4 Pokie license.

The losses that the businesses incur will be ring fenced to the company that owns them and not be a drain on HRNZ.