Canberra Casino owner open to new offers
Tony Fung’s listed casino company Aquis Entertainment remains open to offers to buy the Casino Canberra in the wake of a deal to sell it to Sydney-based funds manager iProsperity Group collapsing in January.
The deal was unveiled in late 2018 with iProsperity’s Blue Whale entity, which was to become a major shareholder, but Aquis said that “sufficient information was not forthcoming” from the buyer and its associates during the ACT government’s probity process.
“While we are not actively seeking a sale of shares now, we remain open to consider all commercial approaches which are put to us, to ensure the best outcome for our employees, our business and our shareholders alike,” Aquis said.
The company said its plan for a major redevelopment remained part of its longer-term strategy for growth in Canberra. Aquis has proposed an integrated entertainment precinct in Canberra’s CBD.
Aquis previously submitted its plan but said the ACT government had ceased dealing with it through the unsolicited bids framework. It will now work with the government through the development approval process.
Aquis had conditional approval to operate 200 electronic gaming machines as part of the redevelopment, but said that due to the effects of COVID-19 and collapsed deal with Blue Whale, it had not advanced discussions with government.