Aquis Entertainment has reported a 4,009 percent increase in profit for 2022, following the sale of its Casino Canberra property.
The group finalized the sale, and exited the casino business, on January 1st, receiving AU$60.5 million ($40.53 million) as a completion payment, with purchaser Iris CC Holdings paying a total of AU$63 million ($42.03 million) for Casino Canberra.
The sale leveraged the new record AU$9.48 million ($6.38 million) in profit for Aquis in 2022, even as the group recorded a 49.3 percent revenue increase during the year, to AU$37.59 million ($25.3 million).
EBITDA also increased in 2022, by 121.7 percent, totaling AU7.48 million ($5.03 million).
The group has yet to decide which way to take the business now that the sale of the casino has been completed, noting again that it will ‘consider and determine a suitable and appropriate direction for Aquis’ and that it will ‘report to the market when an initial determination has been made’.
The group does note that directors had ‘previously assessed one proposed enterprise which may have been a suitable investment for the Group, however determined that it was a high risk investment and not in the best interest of all shareholders’, declining the opportunity.