Aquis Entertainment, casino canberra

Aquis Entertainment, the operator of Casino Canberra, is expecting the provide approval and completion of the sale of its flagship property within the fourth quarter of this year.

In a stock exchange filing on Monday, the group indicated that it is currently undergoing a review of the expected proceeds from the transaction, including ‘assessing new business opportunities, repayment of debt and a potential distribution of funds to shareholders’.

The sale of the Canberra Casino was confirmed by the group mid-September, for AU$63 million ($40.28 million), to development and hospitality group Iris Capital.

The sale followed a bidding war for the property, the only casino in Australia not allowed to offer slot machines, and pandemic-related restrictions which caused Aquis controller – Hong Kong banker Tony Fung – to prop it up with an AU$33 million loan.

Fung had first acquired the property in 2014 for AU$6 million.

Iris is acquiring 100 percent of shares in Casino Canberra and its operating company, subject to regulatory approval.