Australia – Aquis Entertainment eager to re-energize plans to renovate Canberra casino

Aquis Entertainment

Aquis Entertainment, the operator of the Canberra casino in Australia’s capital, said it wants to resume stalled government negotiations to transform the casino into an integrated resort after turning a loss of $3.96 million into a profit of $798,201 in 2020.

In November 2017, the company received conditional approval to operate 200 electronic games machines as part of the redevelopment plans. Aquis had hoped to install 500 slot machines at Canberra Casino. But in May 2016, the government allowed it to operate 200 slot machines and 60 electronic table games instead.

The government wants Aquis to buy 300 slot machine licenses from local clubs, forfeit 100, and then install 200 machines, a demand that has thwarted progress for years.

Tony Fung, Chairman of Aquis, stated that he was now eager to complete the deal.

“Redeveloping our casino building is still part of our long-term growth strategy in Canberra.  I believe that the development of an integrated entertainment precinct in Canberra’s CBD presents the ACT with a once-in-a-lifetime tourism infrastructure opportunity,” he said.

“We remain committed to redeveloping the property. I believe the post-Covid19 recovery in Canberra is the right opportunity to do so. We will meet with the government to discuss the current conditions surrounding the redevelopment and EGMs.”

The government ordered the casino business to close on March 23, 2020, to slow the spread of Covid-19. It reopened on August 10, 2020, with limited trading capacity and arrangements.

“The Company’s performance has been strong since the reopening,” Mr Fung said. Our business performance has remained positive so far. The influence of our management team will continue to consolidate efforts with both revenue generation and expense control in 2021. It will mark another significant year for us.

 

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Nassima Azmzm

Nassima Azmzm

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