Aquis Entertainment began 2023 with its official exit from the casino sphere, following the finalized sale of Casino Canberra. The group recently announced that Iris CC Holdings is the new owner of the property, with an effective date of 1 January 2023.
The deal was sealed when Aquis received a $60.5 million completion payment, following the deposit that Iris had paid at the time of signing. Aquis expects completion adjustments to be completed in the near future, and a further $2.5 million in cash is being held in escrow, which will be released to Aquis nine months after completion, assuming there are no warranty claims.
This move has allowed Aquis to repay a loan to its majority shareholder, and to consider the way forward for the company. The group has advised that it is still determining how to use the funds from the sale, and the “future of Aquis as a listed entity.” Shareholders have been informed that they can expect answers to these questions by the end of January 2023.
End of an Era
Aquis’ outgoing director and CEO, Allison Gallaugher, said,
“As a Board, we are very pleased to have been able to negotiate and complete this transaction, which provides significant benefits to all stakeholders. As a CEO and employee, I am very excited to lead the Casino Canberra under Iris’s ownership and we look forward to continuing to grow the strong results we have built over the past few years and for the opportunities available for us all with Iris moving forward.”
While Gallaugher has stepped down as director and CEO of Aquis, she will continue as CEO of Casino Canberra. For its part, Iris has pledged administrative support to Aquis during the transitional period, with Gallaugher expected to continue to assist Aquis on related matters for a limited time.