iPredict

SKYCITY to be allowed 425 or more new pokies under Convention Centre deal

Long Description

This contract will pay $1 if SKYCITY is allowed 425 or more extra pokie machines as part of a deal with the New Zealand Government over the construction of a National Convention Centre; otherwise it pays $0. PLEASE READ THE JUDGING CRITERIA

Judging Criteria 

The contract concerns the outcome of negotiations between the New Zealand Government and SKYCITY announced by the Prime Minister on 12 June 2011 (see http://beehive.govt.nz/release/convention-centre-development-moves-ahead) and not to any other initiative on gambling legislation or regulation.

The purpose of this contract is to forecast the number of pokie machines that SKYCITY will be allowed to have as a result of any new legislation and/or regulations negotiated with the New Zealand Government, over and above those allowed by existing legislation and/or regulations.

The contract will be closed following an announcement of a deal that meets the tests outlined in iPredict's contracts at /app.php?do=browse&cat=691. It does not matter whether or not legislation and/or regulations are subsequently amended or whether or not SKYCITY decides to proceed with installing all or any of the new pokie machines.

If the deal between the New Zealand Government and SKYCITY provides for legislation and/or regulations which see a progressive increase or decrease of the number of pokie machines SKYCITY is allowed to have at its Auckland casino, the contract's closure price will be based on the HIGHEST number of pokie machines SKYCITY will ever be allowed under the deal.

If it is not clear from the announcement the price at which this contract should close, iPredict will make inquiries of relevant authorities such as but not limited to SKYCITY, the New Zealand Government, the Regulations Review Committee of the New Zealand House of Representatives, the Department of Internal Affairs or other government departments.

Traders should note that it is possible this process may require the use of formal mechanisms including but not limited to the Official Information Act and this may cause a significant delay in closing the contract. Such information will be provided to traders for comment before iPredict makes a judgment on the closure price.

If, despite these efforts, iPredict is unable to determine in good faith an appropriate closure price within one year from the date of an announcement that meets the terms of the contracts at /app.php?do=browse&cat=691 this contract shall be closed at 50c.

If there is no outcome to the negotiations by 1 January 2014, or if the Prime Minister announces definitively and finally that no deal will be done with SKYCITY, the contract will close immediately at $0.

iPredict's judgment shall be final.

All dates and times are New Zealand time.

This contract will be closed no later than 3 working days after the Close Date. The Close Date may be extended if the event outcome cannot be determined by that date.