Entertainment group Sky City says a cash offer made to Skyline Enterprises to acquire the remaining 50% interest in Christchurch Casino has been rejected.

Sky City confirmed in a statement this morning that it had advised Skyline Enterprises of a cash offer for the shares but this was rejected by the board of Skyline Enterprises.

A BusinessDay report this week suggested Sky City had offered between $100 million and $110 million for the 50% stake.

The money generated by the sale of Sky City’s cinemas could see it take a punt on owning the rest of the Christchurch Casino as it concentrates on its core casino business.

Sky City sold its ill-fated cinema holdings in New Zealand to Australian-based exhibitor Amalgamated Holdings this week, netting $59 million for more than 100 screens around New Zealand and Fiji.

Queenstown-based tourism and property company, Skyline Enterprises, has again delivered a strong after tax result of $25.1 million (last year $24.2 million).

Shareholders will receive a dividend of 28c a share (25c a share last year), totaling $9.5 million, according to the chairman, major shareholder, and Rich Lister, Barry Thomas.