OK given for Dunedin Casinos to acquire US interests

Mr Hagaman has been placing some of his assets, including his 42% shareholding in Dunedin Casinos, into a family trust called the Casino Trust.

Consent was required from the Overseas Investment Commission because he has chosen one of his daughters to be a trustee.

She is a US resident and one of three Hagaman offspring living there, so she will represent their interests over 27% of the voting securities of Dunedin Casino's and a share in voting power to appoint directors of Dunedin Casinos. The casino leases space in Dunedin's Southern Cross Hotel, the flagship for the Scenic Circle Hotels chain.

Mr Hagaman co-founded the Scenic Circle chain in the mid-1980s.

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