Gambling operator Aquis Entertainment, owned by Hong Kong-based casino mogul Tony Fung, said in a filing to the Australian Securities Exchange that the recently purchased Casino Canberra has generated the highest gaming revenue since it opened doors in 2006.
The gambling venue reported October gross gaming revenue of A$2.4 million, up 62% as compared to the figure posted for September 2015, and 80.4% compared to what was generated in October 2014.
Aquis Entertainment purchased the struggling casino from its former owner Casinos Australia in December 2014. Mr. Fung’s company paid the amount of $6 million for the venue. Casino Canberra featured 39 gaming tables and two bars at the time of its transition to Aquis Entertainment.
Earlier this year, the casino company revealed that it would list the gambling venue on the Australian Securities Exchange through a Discovery Resources backdoor listing, which was then rebranded Aquis Entertainment.
Mr. Fung’s company also announced a A$330-million redevelopment plan for the formerly struggling casino. If the said plan gets the necessary approval, Casino Canberra would be turned into a luxury hotel and casino complex. The property would feature two hotels – a six-star boutique one with a total of 12 suites and a 100-room five-star one. In addition to this, Aquis Entertainment is interested in building a 3,300 square-meter extension to the nearby National Convention Center.
However, the gambling operator has notified the government of the Australian Capital Territory that the viability of the whole project is highly dependent on the long-standing ban on poker machines being removed. At present, only clubs across Canberra are allowed to feature such machines.
Commenting on the potential removal of the said ban, Chief Minister Andrew Barr told media that officials would consider the possibility as part of the proposal for the redevelopment of the Casino Canberra precinct. Reportedly, the expansion of the venue would result in the additional amount of A$60 million in gaming taxes being contributed annually to the state’s coffers.
Aquis Entertainment has previously pointed out that the redevelopment of the casino complex would bring 750,000 more tourists, with high roller gambling customers from China and Asia-Pacific region as a whole being among those. However, scholars and club owners have rubbished those forecasts.
