A new deal finalized by Aquis Entertainment will see the sale of its Casino Canberra property for $52 million. The company recent a share purchase agreement with Oscars Group subsidiary, Capital Leisure & Entertainment.
The sale still has to clear regulatory approvals and once it is finalized, Oscars will own 100 per cent of shares in the casino, assuming control of the venue and its related assets.
Aquis revealed that the sale would free the company up to pursue fresh business opportunities.
Allison Gallagher, Aquis and Casino Canberra’s CEO, said,
“The transaction provides considerable value to the company and its shareholders. It recognizes the attractive operating performance of the business, which has continued to trade well since reopening post the COVID-19 lockdowns. As an employee of Casino Canberra, I am also very excited about the future and working with Oscars on the continual improvement of our business.”
Mario Gravanis, the Director of Oscars added,
“We are excited by the opportunity to acquire the Casino Canberra business. We will be working closely with Aquis over the coming months to satisfy the necessary conditions precedent with minimal disruption to the business and look forward to working with the casino Canberra team in the future.”
This was the second-time lucky for Aquis, which was initially negotiating with the ACT Government for a proposed $330 million redevelopment of the casino. No agreement was reached, however, and the deal collapsed.
Aquis acquired Casino Canberra in 2014 and tabled its original redevelopment plans in 2015. The proposal included an appeal for approval to install up to 500 poker machines. In December 2018, the ACT government responded with an offer that would allow Aquis to add 200 poker machines and 60 electronic gaming machines under specific conditions.