{"id":1094,"date":"2022-07-06T01:59:37","date_gmt":"2022-07-05T15:59:37","guid":{"rendered":"https:\/\/uberpokies.org\/?p=1094"},"modified":"2022-07-06T19:05:51","modified_gmt":"2022-07-06T09:05:51","slug":"another-hat-in-the-ring-for-casino-canberra-acquisition","status":"publish","type":"post","link":"https:\/\/uberpokies.org\/another-hat-in-the-ring-for-casino-canberra-acquisition\/","title":{"rendered":"Another Hat in the Ring for Casino Canberra Acquisition"},"content":{"rendered":"

Casino Canberra\u2019s 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.<\/p>\n

The company has run Casino Canberra since 2015 \u2013 lodged a request for a trading halt with the Australian Securities Exchange on its shares until Monday, 4 July.<\/p>\n

Aquis confirmed that it had received a competing bid, and a revised offer from Capital Leisure, saying both were at \u201cmaterially higher prices to that agreed in the original agreement with Capital Leisure.\u201d<\/em><\/p>\n

The operator is now considering both proposals, with a decision announcement expected soon.<\/p>\n

A Bumpy Road<\/strong><\/p>\n

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

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 \u201ccompelling\u201d<\/em>, praising its long-term value for shareholders.<\/p>\n

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<\/a>.<\/p>\n

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\u2019s 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.<\/p>\n

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\u2019 property fell on more hard times in 2021 when pandemic-related closures saw a 71% drop in revenue from the previous year.\u200b<\/p>\n","protected":false},"excerpt":{"rendered":"

Casino Canberra\u2019s 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 \u2013 lodged a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"content-sidebar","footnotes":""},"categories":[5,6],"tags":[],"class_list":{"0":"post-1094","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-australian-casinos","7":"category-casino-news","8":"entry"},"yoast_head":"\nAnother Hat in the Ring for Casino Canberra Acquisition - UberPokies.org<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uberpokies.org\/another-hat-in-the-ring-for-casino-canberra-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Another Hat in the Ring for Casino Canberra Acquisition - UberPokies.org\" \/>\n<meta property=\"og:description\" content=\"Casino Canberra\u2019s owners have a lot to consider after a second bidder for their entertainment property has emerged. 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