Casino Canberra’s owners have a lot to consider after a second bidder for their entertainment property has emerged. Hong Kong-based Aquis Entertainment Limited recently announced its plans to sell the casino for $52 million and has now requested a trading halt on the ASX.

The company has run Casino Canberra since 2015 – lodged a request for a trading halt with the Australian Securities Exchange on its shares until Monday, 4 July.

Aquis confirmed that it had received a competing bid, and a revised offer from Capital Leisure, saying both were at “materially higher prices to that agreed in the original agreement with Capital Leisure.”

The operator is now considering both proposals, with a decision announcement expected soon.

A Bumpy Road

Aquis had previously announced that it was in the process of selling the casino property to Capital Leisure-owned Oscars Group for $52 million. The Oscars sale was pending shareholder approval before the new bidder emerged.

The Oscars bid included a guarantee that no casino employees would lose their jobs. At the time, Aquis Entertainment chairman, Russell Shields, called the Oscars bid “compelling”, praising its long-term value for shareholders.

Regulatory processes have stalled previous sale attempts, including a 2018 $32 million offer by Blue Whale Entertainment. The deal fell through when the bidder could not furnish the requested information to the ACT Gambling and Racing Commission.

Aquis felt the sting of regulation again in 2018 when the ACT Government rejected its $330 million bid to redevelop the casino precinct. The government’s conditions for the deal proved to be the deal-breaker, as Aquis would not compromise on several points, including its desired number of poker machines.

Legislation limited the number of pokies the casino could operate at 200, but Aquis was pushing for a figure of 500. The fortunes of Aquis’ property fell on more hard times in 2021 when pandemic-related closures saw a 71% drop in revenue from the previous year.​

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Crown Sydney’s gambling operations remain closed, contradicting the expectation that had been conveyed by the NSW Independent Liquor and Gaming Authority (NSWILGA) earlier in February, that gaming activities would likely resume in March.

When questioned on the matter by Sky News, the regulatory body advised that it is working with Crown Resorts to ensure that its Sydney property is in good enough stead to hold a casino license.

“The Authority is continuing discussions with Crown about a conditional opening of gaming at Crown Sydney,” an NSW ILGA spokesperson said while speaking to the broadcaster.

The agreement to get Crown Sydney operational again requires the approval of numerous parties and is reportedly not impacted by the regulator’s investigation into rival casino operator, Star.

Road to Recovery

Crown’s recent legal woes have precipitated significant recent developments, all geared towards ensuring that the operator can retain its casino operating licenses.

The Australian federal government’s Foreign Investment Review Board recently agreed to a plan that would allow the US-based Blackstone Group Incorporated to acquire the company.

In 2021, the operator’s casino license for its new Crown Sydney development was withdrawn, following a state-run inquiry’s findings that Crown may have enabled various cases of money laundering due to its relationships with foreign junket firms.

The company subsequently launched a wide-ranging reform initiative that saw a near-complete restructuring of its board of directors, with Blackstone’s purchase offer set to re-legitimise Crown’s reputation.

The Blackstone Group currently operates the Aria Resort and Casino in Las Vegas and is awaiting a determining shareholder vote that Crown is expected to hold in April, May or June 2022, to hear whether its acquisition offer has been accepted. In the interim, various Australian state and federal organisations are probing Blackstone’s affairs for any hint of impropriety.​

The New South Wales investigation into Star Entertainment is in full swing as it takes testimony from the operator’s executives, the content of which prompted one hearing leader to label the company’s conduct as “out of control.”

Vigorous Inquest

Previous and current executives from Star Entertainment have spoken before the enquiry which has so far determined that the casino operator has breached several regulations. It has emerged that the Star Sydney fabricated records to conceal how VIP gamblers’ funds were handled and permitted large transactions without the appropriate money-management measures. The large amount of information uncovered by the investigation has resulted in a request for its term to be extended.

While Star will most likely retain the privilege to be a casino operator in Australia, its current management may have to go first, as its unveiled history of flouting financial and gaming regulations comes to the fore.

Marcus Lim, a former Star executive, was subjected to an internal investigation in 2019 following allegations of misconduct relating to his management activity, compensation, a “Suncity conflict,” and unauthorised use of a VIP comp program, among others.

The investigation was prompted by issues that arose around an international rebate program that was allegedly managed recklessly by Lim.

Naomi Sharp, an attorney assisting the NSW hearing countered that as far as she could recall, the allegations against Lim were not presented to the board. She added that if this had been the case, this matter would be reflected in board meeting minutes. It was pointed out, however, that as Star has previously conducted secret board meetings, the matter is still up for scrutiny.

Added Woes

As if these accusations weren’t damning enough, information surrounding the Chinese UnionPay (CUP) program frequently came up. Under the programme, the operation allegedly looked the other way while Chinese VIPs exchanged large amounts of money at Star Sydney, a flagrant violation of policies. The casino supposedly facilitated these illegal transactions, labelling the cash withdrawals as accommodation expenses.

Paula Martin, Star’s chief legal and risk manager was alleged to have supported these activities, leading Sharp to remark that she had “behaved completely unethically.” Martin, for her part, stated that this practice was never meant to break any rules. She explained that Star used the program to provide accessible funds for gambling.

Suncity Issue Re-emerges

The inquiry has dredged up the existing issue of the dubious relationship between Star and Suncity, a junket operator that previously operated with impunity, but now finds itself in peril under the gaze of intensified examination. The nature of this relationship has been laid bare by the testimony of the executives, increasingly placing the operator’s future in jeopardy.

Martin admitted that Star overlooked a “myriad of transgressions” where Suncity was concerned as stories of irregular cash-for-chips exchanges, duffel bags of cash being stored on-site, and unauthorised access to restricted areas emerged.

Martin was allegedly fully aware of the transgressions as they happened and admitted to not informing regulators at the time, while in the same breath admitting that doing it “would have been beneficial”.

The fallout from this scandal has already claimed a top job at the company, with Star’s CEO, Matt Bekier, resigning as a result. The board appears to be in the process of cleaning house with rumours of more high-level departures currently circulating.​

The Australian State Government has added new members to the Gaming and Wagering Commission (GWC) as it continues its response to the Perth Casino Royal Commission

The appointments were made by Racing and Gaming Minister, Dr Tony Buti, who selected Colin Murphy and Dr Michael Schaper for the roles. Both bring a wealth of experience to the administration, which is in charge of regulating gaming and wagering in Western Australia.

This move is part of a series of actions planned by the State Government to strengthen the regulatory framework that governs Western Australia’s casino industry. The appointment of the new members to the GWC was high on the list of the priorities set by the State Government in its recent response to the Royal Commission.

Distinguished Candidates

Colin Murphy recently served as a Commissioner on the Perth Casino Royal Commission and was WA’s 18th Auditor General, following a lengthy career in State Government leadership roles.

Dr Schaper is a seasoned board chair, economic policy and development consultant, and company director with a history peppered with work and academic accomplishments that directly relate to his new GWC role. He previously served as deputy chair of the Australian Competition and Consumer Commission.

Future-Proof

Responding to the Perth Casino Royal Commission, the Racing and Gaming Minister put forward various additional reforms to endow the Minister and GWC with the powers to pass reforms to WA’s regulatory framework.

The priority legislative amendments that the State Government is currently formulating will sufficiently empower the Minister to steer the GWC toward urgent action in investigating and implementing measures to tackle the issues identified at Crown’s Perth Casino.

These changes will additionally grant the GWC the power necessary to compel the operator of the Perth Casino to execute suitable and essential measures.

Racing and Gaming Minister Dr Tony Buti commented on the new development, saying,

“The State Government accepts the Royal Commission’s finding that more needs to be done to ensure appropriate and effective regulation of the Perth Casino. This is one of the first steps towards major, comprehensive reforms to how we regulate the casino in Western Australia. The strengthened Gaming and Wagering Commission play a big role in implementing many of the recommendations from the Royal Commission.”

“I congratulate the new members on their appointment and thank the outgoing members for their time with the GWC. While it will take some time to establish a new comprehensive regulatory framework, the State Government is committed to introducing new legislation to underpin these much-needed changes,” he concluded.​